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<div style="text-align: justify;"> <span style="color: #000000; font-weight: bold;">1. Organization and Basis of Presentation</span> </div> <div style="text-align: justify;"> </div> <div style="text-indent: 36pt; text-align: justify;"> <span style="font-weight: bold;">Organization and Business Activity</span> </div> <div style="text-align: justify;"> </div> <div style="text-indent: 36pt; text-align: justify;"> <span>We incorporated in California on January 10, 1989. In conjunction with our initial public offering, we reorganized as a Delaware corporation in April 1991. We are 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 and six months ended June 30, 2025 and 2024 on the same basis as the audited financial statements for the year ended December 31, 2024. 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, 2024 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 our wholly owned subsidiary, Akcea Therapeutics, Inc. and 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-0">single</span> </span><span>operating segment. Refer to Note 14, </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;">We prepared the unaudited interim condensed consolidated financial statements for the three and six months ended June 30, 2025 and 2024 on the same basis as the audited financial statements for the year ended December 31, 2024. 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, 2024 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 our wholly owned subsidiary, Akcea Therapeutics, Inc. and 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-0">single</span> </span><span>operating segment. Refer to Note 14, </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;">Below, we have included our accounting policies for revenue recognition related to product sales, net and cost of sales as a result of our launch of TRYNGOLZA in the U.S. Our other significant accounting policies have not changed substantially from those included in our Annual Report on Form 10-K for the year ended December 31, 2024.</span> </div> <div style="text-align: justify;"> </div> <div style="text-indent: 36pt; text-align: justify;"> <span style="color: #000000; font-weight: bold; font-style: italic;">Revenue Recognition</span> </div> <div style="text-align: justify;"> </div> <div style="text-indent: 36pt; text-align: justify;"> <span style="color: #000000; font-style: italic;">Product Sales, Net</span> </div> <div style="text-align: justify;"> </div> <div style="text-indent: 36pt; text-align: justify;"> <span style="color: #000000;">We recognize revenue from product sales when the customer obtains control of our product in the amount of the transaction price, which is the amount that reflects the consideration which we expect to receive. We estimate reserves for variable consideration related to applicable discounts, rebates, chargebacks and other allowances included in our agreements with customers, payors and other third parties. We include the amount of variable consideration in the transaction price to the extent that it is probable that a significant reversal in the amount of the cumulative revenue recognized will not occur in a future period. If actual results vary significantly from our estimates, we adjust our estimates in the period that we become aware of such variances.</span> </div><div style="text-indent: 36pt; line-height: 1.15; text-align: justify;"> <span style="color: #000000; font-weight: bold; font-style: italic;">Cost of Sales</span> </div> <div style="text-align: justify;"> </div> <div style="text-indent: 36pt; text-align: justify;"> <span>Our cost of sales is comprised of costs related to our commercial revenue, including manufacturing costs, transportation and freight costs and indirect overhead costs associated with the manufacturing and distribution of our products. We also may include certain period costs related to manufacturing services and inventory adjustments in cost of sales.</span> </div> <div> </div> <div style="text-indent: 36pt; text-align: justify;"> <span>Cost of sales for a newly launched product, such as TRYNGOLZA, does not include the full cost of manufacturing until we manufacture and sell additional inventory after exhausting pre-launch inventory, which we previously recorded as research and development, or R&D, expense.</span> </div> <div> </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; text-align: justify;"> <span style="color: #000000;">In November 2023, the Financial Accounting Standards Board, or FASB, issued Accounting Standard Update, or ASU, 2023-07, which provides updated guidance on segment reporting. The guidance requires public companies to disclose significant expenses that are regularly provided to the CODM, other segment items for each reportable segment and measures of segment profit or loss used by the CODM for allocating resources. In addition, the updated guidance requires public companies with a single reportable segment to provide all disclosures required under Accounting Standards Codification, or ASC, Topic 280, </span><span style="color: #000000; font-style: italic;">Segment Reporting</span><span style="color: #000000;">, and public companies to include in interim reports all disclosures related to a reportable segment’s profit or loss and assets that are currently required in annual reports. We adopted the reporting requirements in our 2024 Annual Report on Form 10-K and began providing the interim reporting requirements in our Quarterly Report on Form 10-Q for the first quarter of 2025. Refer to Note 14, </span><span style="color: #000000; font-style: italic;">Segment Information</span><span style="color: #000000;">, 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;">We do not expect any recently issued accounting standards other than those included in our Annual Report on Form 10-K for the year ended December 31, 2024 to have a material impact to our financial results.</span> </div>

<div style="text-indent: 36pt; text-align: justify;"> <span style="color: #000000; font-weight: bold; font-style: italic;">Revenue Recognition</span> </div><div style="text-indent: 36pt; text-align: justify;"> <span style="color: #000000; font-style: italic;">Product Sales, Net</span> </div><div style="text-indent: 36pt; text-align: justify;"> <span style="color: #000000;">We recognize revenue from product sales when the customer obtains control of our product in the amount of the transaction price, which is the amount that reflects the consideration which we expect to receive. We estimate reserves for variable consideration related to applicable discounts, rebates, chargebacks and other allowances included in our agreements with customers, payors and other third parties. We include the amount of variable consideration in the transaction price to the extent that it is probable that a significant reversal in the amount of the cumulative revenue recognized will not occur in a future period. If actual results vary significantly from our estimates, we adjust our estimates in the period that we become aware of such variances.</span> </div>

<div style="text-indent: 36pt; line-height: 1.15; text-align: justify;"> <span style="color: #000000; font-weight: bold; font-style: italic;">Cost of Sales</span> </div><div style="text-indent: 36pt; text-align: justify;"> <span>Our cost of sales is comprised of costs related to our commercial revenue, including manufacturing costs, transportation and freight costs and indirect overhead costs associated with the manufacturing and distribution of our products. We also may include certain period costs related to manufacturing services and inventory adjustments in cost of sales.</span> </div><div style="text-indent: 36pt; text-align: justify;"> <span>Cost of sales for a newly launched product, such as TRYNGOLZA, does not include the full cost of manufacturing until we manufacture and sell additional inventory after exhausting pre-launch inventory, which we previously recorded as research and development, or R&D, expense.</span> </div>

<div style="text-indent: 36pt;"> <span style="color: #000000; font-weight: bold;">Recent Accounting Standards</span> </div><div style="text-indent: 36pt; text-align: justify;"> <span style="color: #000000;">In November 2023, the Financial Accounting Standards Board, or FASB, issued Accounting Standard Update, or ASU, 2023-07, which provides updated guidance on segment reporting. The guidance requires public companies to disclose significant expenses that are regularly provided to the CODM, other segment items for each reportable segment and measures of segment profit or loss used by the CODM for allocating resources. In addition, the updated guidance requires public companies with a single reportable segment to provide all disclosures required under Accounting Standards Codification, or ASC, Topic 280, </span><span style="color: #000000; font-style: italic;">Segment Reporting</span><span style="color: #000000;">, and public companies to include in interim reports all disclosures related to a reportable segment’s profit or loss and assets that are currently required in annual reports. We adopted the reporting requirements in our 2024 Annual Report on Form 10-K and began providing the interim reporting requirements in our Quarterly Report on Form 10-Q for the first quarter of 2025. Refer to Note 14, </span><span style="color: #000000; font-style: italic;">Segment Information</span><span style="color: #000000;">, for further details on our segment information.</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 those included in our Annual Report on Form 10-K for the year ended December 31, 2024 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" class="worksheetTable" style="font-size: 10pt; border-collapse: collapse; font-family: "Times New Roman", 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-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 3. Supplemental Financial Data - 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%;">June 30, 2025</td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 3. Supplemental Financial Data - 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. Supplemental Financial Data - 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, 2024</td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; 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">$</td><td style="text-align: right; width: 9%;">706</td><td style="text-align: left; width: 1%;" title="Note 3. Supplemental Financial Data - B5"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 3. Supplemental Financial Data - D5">$</td><td style="text-align: right; width: 9%;">5,557</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%;">24,114</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%;">6,679</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-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 3. Supplemental Financial Data - B7"> </td><td style="text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">157</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. Supplemental Financial Data - B7"> </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. Supplemental Financial Data - D7">$</td><td style="text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">276</td><td style="text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 3. Supplemental Financial Data - D7"> </td></tr><tr><td style="padding-left: 20px;">Total</td><td style="text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 3. Supplemental Financial Data - B8">$</td><td style="text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; width: 9%;">24,977</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. Supplemental Financial Data - B8"> </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. Supplemental Financial Data - D8"> </td><td style="text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; width: 9%;">12,512</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. 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">$</td><td style="text-align: right; border-width: initial; border-style: none; border-color: initial; width: 9%;">8,481</td><td style="text-align: left; width: 1%; border-width: initial; border-style: none; border-color: initial;" title="Note 3. Supplemental Financial Data - B8"> </td><td> </td><td style="text-align: left; border-width: initial; border-style: none; border-color: initial; width: 1%;" title="Note 3. Supplemental Financial Data - D8">$</td><td style="text-align: right; border-width: initial; border-style: none; border-color: initial; width: 9%;">12,512</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-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 3. Supplemental Financial Data - B8"> </td><td style="text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">16,496</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. Supplemental Financial Data - 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. Supplemental Financial Data - D8"> </td><td style="text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;"> - </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. Supplemental Financial Data - D8"> </td></tr><tr><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 3. Supplemental Financial Data - B8">$</td><td style="text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; width: 9%;">24,977</td><td style="text-align: left; width: 1%; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 3. Supplemental Financial Data - B8"> </td><td> </td><td style="text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 3. Supplemental Financial Data - D8">$</td><td style="text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; width: 9%;">12,512</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. 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 amount reported as deposits and other assets as of June 30, 2025 consists of work in process.</div><div> </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" class="worksheetTable" style="font-size: 10pt; border-collapse: collapse; font-family: "Times New Roman", 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%;">June 30, 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 - 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, 2024</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">$</td><td style="text-align: right; width: 9%;">59,573</td><td style="text-align: left; width: 1%;" title="Note 3. Accrued Liabilities - B5"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 3. Accrued Liabilities - D5">$</td><td style="text-align: right; width: 9%;">77,436</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%;">7,243</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%;">7,951</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</td><td style="text-align: left; width: 1%;" title="Note 3. Accrued Liabilities - B7"> </td><td style="text-align: right; width: 9%;">12,364</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%;">3,589</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%;">19,777</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%;">19,462</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">$</td><td style="text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; width: 9%;">98,957</td><td style="text-align: left; width: 1%; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 3. Accrued Liabilities - B9"> </td><td> </td><td style="text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 3. Accrued Liabilities - D9">$</td><td style="text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; width: 9%;">108,438</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" class="worksheetTable" style="font-size: 10pt; border-collapse: collapse; font-family: "Times New Roman", 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-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 3. Supplemental Financial Data - 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%;">June 30, 2025</td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 3. Supplemental Financial Data - 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. Supplemental Financial Data - 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, 2024</td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; 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">$</td><td style="text-align: right; width: 9%;">706</td><td style="text-align: left; width: 1%;" title="Note 3. Supplemental Financial Data - B5"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 3. Supplemental Financial Data - D5">$</td><td style="text-align: right; width: 9%;">5,557</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%;">24,114</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%;">6,679</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-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 3. Supplemental Financial Data - B7"> </td><td style="text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">157</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. Supplemental Financial Data - B7"> </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. Supplemental Financial Data - D7">$</td><td style="text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">276</td><td style="text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 3. Supplemental Financial Data - D7"> </td></tr><tr><td style="padding-left: 20px;">Total</td><td style="text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 3. Supplemental Financial Data - B8">$</td><td style="text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; width: 9%;">24,977</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. Supplemental Financial Data - B8"> </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. Supplemental Financial Data - D8"> </td><td style="text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; width: 9%;">12,512</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. 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">$</td><td style="text-align: right; border-width: initial; border-style: none; border-color: initial; width: 9%;">8,481</td><td style="text-align: left; width: 1%; border-width: initial; border-style: none; border-color: initial;" title="Note 3. Supplemental Financial Data - B8"> </td><td> </td><td style="text-align: left; border-width: initial; border-style: none; border-color: initial; width: 1%;" title="Note 3. Supplemental Financial Data - D8">$</td><td style="text-align: right; border-width: initial; border-style: none; border-color: initial; width: 9%;">12,512</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-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 3. Supplemental Financial Data - B8"> </td><td style="text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">16,496</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. Supplemental Financial Data - 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. Supplemental Financial Data - D8"> </td><td style="text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;"> - </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. Supplemental Financial Data - D8"> </td></tr><tr><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 3. Supplemental Financial Data - B8">$</td><td style="text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; width: 9%;">24,977</td><td style="text-align: left; width: 1%; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 3. Supplemental Financial Data - B8"> </td><td> </td><td style="text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 3. Supplemental Financial Data - D8">$</td><td style="text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; width: 9%;">12,512</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. Supplemental Financial Data - D8"> </td></tr></table> 706000 5557000 24114000 6679000 157000 276000 24977000 12512000

8481000

12512000

16496000

24977000 12512000

<div style="text-indent: 36pt;"> <span>Our accrued liabilities consisted of the following (in thousands):</span> </div> <div> </div> <table cellpadding="0" class="worksheetTable" style="font-size: 10pt; border-collapse: collapse; font-family: "Times New Roman", 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%;">June 30, 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 - 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, 2024</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">$</td><td style="text-align: right; width: 9%;">59,573</td><td style="text-align: left; width: 1%;" title="Note 3. Accrued Liabilities - B5"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 3. Accrued Liabilities - D5">$</td><td style="text-align: right; width: 9%;">77,436</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%;">7,243</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%;">7,951</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</td><td style="text-align: left; width: 1%;" title="Note 3. Accrued Liabilities - B7"> </td><td style="text-align: right; width: 9%;">12,364</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%;">3,589</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%;">19,777</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%;">19,462</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">$</td><td style="text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; width: 9%;">98,957</td><td style="text-align: left; width: 1%; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 3. Accrued Liabilities - B9"> </td><td> </td><td style="text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 3. Accrued Liabilities - D9">$</td><td style="text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; width: 9%;">108,438</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>

59573000 77436000 7243000 7951000 12364000 3589000

19777000

19462000

98957000

108438000

<div> <span style="font-weight: bold;">4. Revenues</span> </div> <div> </div> <div style="text-indent: 36pt; text-align: justify;"> <span>During the three and six months ended June 30, 2025 and 2024, our revenues consisted of the following (in thousands):</span> </div> <div> </div> <div> </div> <table cellpadding="0" class="worksheetTable" style="font-size: 10pt; border-collapse: collapse; font-family: "Times New Roman", 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 colspan="7" style="text-align: center; font-weight: bold;">Three Months Ended</td><td> </td><td colspan="7" style="text-align: center; font-weight: bold;">Six 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;">June 30,</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;">June 30,</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%;">2025</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%;">2024</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><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 - F4"></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 - F4"></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 - H4"></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%;">2024</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 4. Revenues - H4"></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><td> </td><td style="width: 1%;" title="Note 4. Revenues - F5"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 4. Revenues - F5"></td><td> </td><td style="width: 1%;" title="Note 4. Revenues - H5"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 4. Revenues - H5"></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><td> </td><td style="width: 1%;" title="Note 4. Revenues - F6"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 4. Revenues - F6"></td><td> </td><td style="width: 1%;" title="Note 4. Revenues - H6"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 4. Revenues - H6"></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><td> </td><td style="width: 1%;" title="Note 4. Revenues - F7"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 4. Revenues - F7"></td><td> </td><td style="width: 1%;" title="Note 4. Revenues - H7"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 4. Revenues - H7"></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-bottom: 1px solid black; border-top: none; border-left: none; width: 1%;" title="Note 4. Revenues - B8">$</td><td style="text-align: right; border-bottom: 1px solid black; border-top: none; width: 9%;">19,273</td><td style="text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 4. Revenues - B8"> </td><td> </td><td style="text-align: left; border-bottom: 1px solid black; border-top: none; width: 1%;" title="Note 4. Revenues - D8">$</td><td style="text-align: right; border-bottom: 1px solid black; border-top: none; width: 9%;"> - </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 - D8"> </td><td> </td><td style="text-align: left; border-bottom: 1px solid black; border-top: none; width: 1%;" title="Note 4. Revenues - F8">$</td><td style="text-align: right; border-bottom: 1px solid black; border-top: none; width: 9%;">25,561</td><td style="text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 4. Revenues - F8"> </td><td> </td><td style="text-align: left; border-bottom: 1px solid black; border-top: none; width: 1%;" title="Note 4. Revenues - H8">$</td><td style="text-align: right; border-bottom: 1px solid black; border-top: none; width: 9%;"> - </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 - H8"> </td></tr><tr><td style="padding-left: 50px;">Total product sales, net</td><td style="text-align: left; width: 1%;" title="Note 4. Revenues - B9"> </td><td style="text-align: right; width: 9%;">19,273</td><td style="text-align: left; width: 1%;" title="Note 4. Revenues - B9"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 4. Revenues - D9"> </td><td style="text-align: right; width: 9%;"> - </td><td style="text-align: left; width: 1%;" title="Note 4. Revenues - D9"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 4. Revenues - F9"> </td><td style="text-align: right; width: 9%;">25,561</td><td style="text-align: left; width: 1%;" title="Note 4. Revenues - F9"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 4. Revenues - H9"> </td><td style="text-align: right; width: 9%;"> - </td><td style="text-align: left; width: 1%;" title="Note 4. Revenues - H9"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><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><td> </td><td style="width: 1%;" title="Note 4. Revenues - F10"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 4. Revenues - F10"></td><td> </td><td style="width: 1%;" title="Note 4. Revenues - H10"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 4. Revenues - H10"></td></tr><tr><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%;">54,337</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%;">56,743</td><td style="text-align: left; width: 1%;" title="Note 4. Revenues - D11"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 4. Revenues - F11"> </td><td style="text-align: right; width: 9%;">102,347</td><td style="text-align: left; width: 1%;" title="Note 4. Revenues - F11"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 4. Revenues - H11"> </td><td style="text-align: right; width: 9%;">95,198</td><td style="text-align: left; width: 1%;" title="Note 4. Revenues - H11"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><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%;">10,415</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%;">3,781</td><td style="text-align: left; width: 1%;" title="Note 4. Revenues - D12"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 4. Revenues - F12"> </td><td style="text-align: right; width: 9%;">19,787</td><td style="text-align: left; width: 1%;" title="Note 4. Revenues - F12"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 4. Revenues - H12"> </td><td style="text-align: right; width: 9%;">4,907</td><td style="text-align: left; width: 1%;" title="Note 4. Revenues - H12"> </td></tr><tr><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%;">5,200</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%;">3,320</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><td> </td><td style="text-align: left; border-bottom: 1px solid black; border-top: none; width: 1%;" title="Note 4. Revenues - F13"> </td><td style="text-align: right; border-bottom: 1px solid black; border-top: none; width: 9%;">11,983</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 - F13"> </td><td> </td><td style="text-align: left; border-bottom: 1px solid black; border-top: none; width: 1%;" title="Note 4. Revenues - H13"> </td><td style="text-align: right; border-bottom: 1px solid black; border-top: none; border-right: none; width: 9%;">13,124</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 - H13"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><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%;">69,952</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%;">63,844</td><td style="text-align: left; width: 1%;" title="Note 4. Revenues - D14"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 4. Revenues - F14"> </td><td style="text-align: right; width: 9%;">134,117</td><td style="text-align: left; width: 1%;" title="Note 4. Revenues - F14"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 4. Revenues - H14"> </td><td style="text-align: right; width: 9%;">113,229</td><td style="text-align: left; width: 1%;" title="Note 4. Revenues - H14"> </td></tr><tr><td style="padding-left: 20px;">Other commercial revenue:</td><td style="width: 1%;" title="Note 4. Revenues - B15"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 4. Revenues - B15"></td><td> </td><td style="width: 1%;" title="Note 4. Revenues - D15"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 4. Revenues - D15"></td><td> </td><td style="width: 1%;" title="Note 4. Revenues - F15"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 4. Revenues - F15"></td><td> </td><td style="width: 1%;" title="Note 4. Revenues - H15"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 4. Revenues - H15"></td></tr><tr style="background-color: rgb(204, 238, 255);"><td style="padding-left: 30px;">TEGSEDI and WAYLIVRA revenue, net</td><td style="text-align: left; width: 1%;" title="Note 4. Revenues - B16"> </td><td style="text-align: right; width: 9%;">13,531</td><td style="text-align: left; width: 1%;" title="Note 4. Revenues - B16"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 4. Revenues - D16"> </td><td style="text-align: right; width: 9%;">8,192</td><td style="text-align: left; width: 1%;" title="Note 4. Revenues - D16"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 4. Revenues - F16"> </td><td style="text-align: right; width: 9%;">19,246</td><td style="text-align: left; width: 1%;" title="Note 4. Revenues - F16"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 4. Revenues - H16"> </td><td style="text-align: right; width: 9%;">16,820</td><td style="text-align: left; width: 1%;" title="Note 4. Revenues - H16"> </td></tr><tr><td style="padding-left: 30px;">Other 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 - B17"> </td><td style="text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;"> - </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 - B17"> </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 - D17"> </td><td style="text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;"> - </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 - D17"> </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 - F17"> </td><td style="text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;"> - </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 - F17"> </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 - H17"> </td><td style="text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">1,580</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 - H17"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td style="padding-left: 50px;">Total other commercial 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 - B18"> </td><td style="text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">13,531</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 - B18"> </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 - D18"> </td><td style="text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">8,192</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 - D18"> </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 - F18"> </td><td style="text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">19,246</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 - F18"> </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 - H18"> </td><td style="text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">18,400</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 - H18"> </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%;">102,756</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%;">72,036</td><td style="text-align: left; width: 1%;" title="Note 4. Revenues - D19"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 4. Revenues - F19"> </td><td style="text-align: right; width: 9%;">178,924</td><td style="text-align: left; width: 1%;" title="Note 4. Revenues - F19"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 4. Revenues - H19"> </td><td style="text-align: right; width: 9%;">131,629</td><td style="text-align: left; width: 1%;" title="Note 4. Revenues - H19"> </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><td> </td><td style="width: 1%;" title="Note 4. Revenues - F20"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 4. Revenues - F20"></td><td> </td><td style="width: 1%;" title="Note 4. Revenues - H20"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 4. Revenues - H20"></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%;">336,921</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%;">141,524</td><td style="text-align: left; width: 1%;" title="Note 4. Revenues - D21"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 4. Revenues - F21"> </td><td style="text-align: right; width: 9%;">381,951</td><td style="text-align: left; width: 1%;" title="Note 4. Revenues - F21"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 4. Revenues - H21"> </td><td style="text-align: right; width: 9%;">190,870</td><td style="text-align: left; width: 1%;" title="Note 4. Revenues - H21"> </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%;">12,372</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%;">11,690</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><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 - F22"> </td><td style="text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">22,785</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 - F22"> </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 - H22"> </td><td style="text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">22,249</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 - H22"> </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%;">349,293</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%;">153,214</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><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 - F23"> </td><td style="text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">404,736</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 - F23"> </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 - H23"> </td><td style="text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">213,119</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 - H23"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td style="padding-left: 30px;">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">$</td><td style="text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; width: 9%;">452,049</td><td style="text-align: left; width: 1%; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 4. Revenues - B24"> </td><td> </td><td style="text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 4. Revenues - D24">$</td><td style="text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; width: 9%;">225,250</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><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 - F24">$</td><td style="text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; width: 9%;">583,660</td><td style="text-align: left; width: 1%; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 4. Revenues - F24"> </td><td> </td><td style="text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 4. Revenues - H24">$</td><td style="text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; width: 9%;">344,748</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 - H24"> </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 (olezarsen) for the treatment of familial chylomicronemia syndrome, or FCS. Following the approval, we launched TRYNGOLZA and began earning revenue from TRYNGOLZA sales. We recognize product sales, net of variable considerations related to applicable discounts and allowances, when the customer obtains control of our product.</span> </div> <div style="text-align: justify;"> </div> <div style="text-indent: 36pt; text-align: justify;"> <span>We earn royalty payments primarily on net sales of SPINRAZA, WAINUA and QALSODY.</span> </div> <div style="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, 2024 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. Therefore, 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&D services and manufacturing services.</span> </div><div style="text-indent: 36pt; line-height: 1.15; text-align: justify;"> For R&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 that may involve 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&D services we will provide in the future. We amortize the upfront payment into revenue as we perform the R&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><span> We consider milestone payments to be variable consideration and include them in the transaction price when it is probable. We typically include milestone payments for R&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.</span> </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&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, then we record a cumulative-effect adjustment in the period we add the milestone payment to the transaction price.</span> </div> <div style="text-align: justify;"> </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;">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. AstraZeneca is currently responsible for 55 percent of the costs associated with the ongoing global Phase 3 development program. 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&A, expense and R&D expense, respectively. </div>

<div style="text-indent: 36pt; text-align: justify;"> <span>During the three and six months ended June 30, 2025 and 2024, our revenues consisted of the following (in thousands):</span> </div> <div> </div> <div> </div> <table cellpadding="0" class="worksheetTable" style="font-size: 10pt; border-collapse: collapse; font-family: "Times New Roman", 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 colspan="7" style="text-align: center; font-weight: bold;">Three Months Ended</td><td> </td><td colspan="7" style="text-align: center; font-weight: bold;">Six 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;">June 30,</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;">June 30,</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%;">2025</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%;">2024</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><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 - F4"></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 - F4"></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 - H4"></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%;">2024</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 4. Revenues - H4"></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><td> </td><td style="width: 1%;" title="Note 4. Revenues - F5"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 4. Revenues - F5"></td><td> </td><td style="width: 1%;" title="Note 4. Revenues - H5"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 4. Revenues - H5"></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><td> </td><td style="width: 1%;" title="Note 4. Revenues - F6"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 4. Revenues - F6"></td><td> </td><td style="width: 1%;" title="Note 4. Revenues - H6"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 4. Revenues - H6"></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><td> </td><td style="width: 1%;" title="Note 4. Revenues - F7"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 4. Revenues - F7"></td><td> </td><td style="width: 1%;" title="Note 4. Revenues - H7"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 4. Revenues - H7"></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-bottom: 1px solid black; border-top: none; border-left: none; width: 1%;" title="Note 4. Revenues - B8">$</td><td style="text-align: right; border-bottom: 1px solid black; border-top: none; width: 9%;">19,273</td><td style="text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 4. Revenues - B8"> </td><td> </td><td style="text-align: left; border-bottom: 1px solid black; border-top: none; width: 1%;" title="Note 4. Revenues - D8">$</td><td style="text-align: right; border-bottom: 1px solid black; border-top: none; width: 9%;"> - </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 - D8"> </td><td> </td><td style="text-align: left; border-bottom: 1px solid black; border-top: none; width: 1%;" title="Note 4. Revenues - F8">$</td><td style="text-align: right; border-bottom: 1px solid black; border-top: none; width: 9%;">25,561</td><td style="text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 4. Revenues - F8"> </td><td> </td><td style="text-align: left; border-bottom: 1px solid black; border-top: none; width: 1%;" title="Note 4. Revenues - H8">$</td><td style="text-align: right; border-bottom: 1px solid black; border-top: none; width: 9%;"> - </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 - H8"> </td></tr><tr><td style="padding-left: 50px;">Total product sales, net</td><td style="text-align: left; width: 1%;" title="Note 4. Revenues - B9"> </td><td style="text-align: right; width: 9%;">19,273</td><td style="text-align: left; width: 1%;" title="Note 4. Revenues - B9"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 4. Revenues - D9"> </td><td style="text-align: right; width: 9%;"> - </td><td style="text-align: left; width: 1%;" title="Note 4. Revenues - D9"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 4. Revenues - F9"> </td><td style="text-align: right; width: 9%;">25,561</td><td style="text-align: left; width: 1%;" title="Note 4. Revenues - F9"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 4. Revenues - H9"> </td><td style="text-align: right; width: 9%;"> - </td><td style="text-align: left; width: 1%;" title="Note 4. Revenues - H9"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><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><td> </td><td style="width: 1%;" title="Note 4. Revenues - F10"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 4. Revenues - F10"></td><td> </td><td style="width: 1%;" title="Note 4. Revenues - H10"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 4. Revenues - H10"></td></tr><tr><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%;">54,337</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%;">56,743</td><td style="text-align: left; width: 1%;" title="Note 4. Revenues - D11"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 4. Revenues - F11"> </td><td style="text-align: right; width: 9%;">102,347</td><td style="text-align: left; width: 1%;" title="Note 4. Revenues - F11"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 4. Revenues - H11"> </td><td style="text-align: right; width: 9%;">95,198</td><td style="text-align: left; width: 1%;" title="Note 4. Revenues - H11"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><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%;">10,415</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%;">3,781</td><td style="text-align: left; width: 1%;" title="Note 4. Revenues - D12"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 4. Revenues - F12"> </td><td style="text-align: right; width: 9%;">19,787</td><td style="text-align: left; width: 1%;" title="Note 4. Revenues - F12"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 4. Revenues - H12"> </td><td style="text-align: right; width: 9%;">4,907</td><td style="text-align: left; width: 1%;" title="Note 4. Revenues - H12"> </td></tr><tr><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%;">5,200</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%;">3,320</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><td> </td><td style="text-align: left; border-bottom: 1px solid black; border-top: none; width: 1%;" title="Note 4. Revenues - F13"> </td><td style="text-align: right; border-bottom: 1px solid black; border-top: none; width: 9%;">11,983</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 - F13"> </td><td> </td><td style="text-align: left; border-bottom: 1px solid black; border-top: none; width: 1%;" title="Note 4. Revenues - H13"> </td><td style="text-align: right; border-bottom: 1px solid black; border-top: none; border-right: none; width: 9%;">13,124</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 - H13"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><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%;">69,952</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%;">63,844</td><td style="text-align: left; width: 1%;" title="Note 4. Revenues - D14"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 4. Revenues - F14"> </td><td style="text-align: right; width: 9%;">134,117</td><td style="text-align: left; width: 1%;" title="Note 4. Revenues - F14"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 4. Revenues - H14"> </td><td style="text-align: right; width: 9%;">113,229</td><td style="text-align: left; width: 1%;" title="Note 4. Revenues - H14"> </td></tr><tr><td style="padding-left: 20px;">Other commercial revenue:</td><td style="width: 1%;" title="Note 4. Revenues - B15"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 4. Revenues - B15"></td><td> </td><td style="width: 1%;" title="Note 4. Revenues - D15"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 4. Revenues - D15"></td><td> </td><td style="width: 1%;" title="Note 4. Revenues - F15"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 4. Revenues - F15"></td><td> </td><td style="width: 1%;" title="Note 4. Revenues - H15"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 4. Revenues - H15"></td></tr><tr style="background-color: rgb(204, 238, 255);"><td style="padding-left: 30px;">TEGSEDI and WAYLIVRA revenue, net</td><td style="text-align: left; width: 1%;" title="Note 4. Revenues - B16"> </td><td style="text-align: right; width: 9%;">13,531</td><td style="text-align: left; width: 1%;" title="Note 4. Revenues - B16"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 4. Revenues - D16"> </td><td style="text-align: right; width: 9%;">8,192</td><td style="text-align: left; width: 1%;" title="Note 4. Revenues - D16"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 4. Revenues - F16"> </td><td style="text-align: right; width: 9%;">19,246</td><td style="text-align: left; width: 1%;" title="Note 4. Revenues - F16"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 4. Revenues - H16"> </td><td style="text-align: right; width: 9%;">16,820</td><td style="text-align: left; width: 1%;" title="Note 4. Revenues - H16"> </td></tr><tr><td style="padding-left: 30px;">Other 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 - B17"> </td><td style="text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;"> - </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 - B17"> </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 - D17"> </td><td style="text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;"> - </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 - D17"> </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 - F17"> </td><td style="text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;"> - </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 - F17"> </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 - H17"> </td><td style="text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">1,580</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 - H17"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td style="padding-left: 50px;">Total other commercial 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 - B18"> </td><td style="text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">13,531</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 - B18"> </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 - D18"> </td><td style="text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">8,192</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 - D18"> </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 - F18"> </td><td style="text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">19,246</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 - F18"> </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 - H18"> </td><td style="text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">18,400</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 - H18"> </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%;">102,756</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%;">72,036</td><td style="text-align: left; width: 1%;" title="Note 4. Revenues - D19"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 4. Revenues - F19"> </td><td style="text-align: right; width: 9%;">178,924</td><td style="text-align: left; width: 1%;" title="Note 4. Revenues - F19"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 4. Revenues - H19"> </td><td style="text-align: right; width: 9%;">131,629</td><td style="text-align: left; width: 1%;" title="Note 4. Revenues - H19"> </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><td> </td><td style="width: 1%;" title="Note 4. Revenues - F20"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 4. Revenues - F20"></td><td> </td><td style="width: 1%;" title="Note 4. Revenues - H20"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 4. Revenues - H20"></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%;">336,921</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%;">141,524</td><td style="text-align: left; width: 1%;" title="Note 4. Revenues - D21"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 4. Revenues - F21"> </td><td style="text-align: right; width: 9%;">381,951</td><td style="text-align: left; width: 1%;" title="Note 4. Revenues - F21"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 4. Revenues - H21"> </td><td style="text-align: right; width: 9%;">190,870</td><td style="text-align: left; width: 1%;" title="Note 4. Revenues - H21"> </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%;">12,372</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%;">11,690</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><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 - F22"> </td><td style="text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">22,785</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 - F22"> </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 - H22"> </td><td style="text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">22,249</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 - H22"> </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%;">349,293</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%;">153,214</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><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 - F23"> </td><td style="text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">404,736</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 - F23"> </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 - H23"> </td><td style="text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">213,119</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 - H23"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td style="padding-left: 30px;">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">$</td><td style="text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; width: 9%;">452,049</td><td style="text-align: left; width: 1%; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 4. Revenues - B24"> </td><td> </td><td style="text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 4. Revenues - D24">$</td><td style="text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; width: 9%;">225,250</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><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 - F24">$</td><td style="text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; width: 9%;">583,660</td><td style="text-align: left; width: 1%; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 4. Revenues - F24"> </td><td> </td><td style="text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 4. Revenues - H24">$</td><td style="text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; width: 9%;">344,748</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 - H24"> </td></tr></table>

19273000

25561000

19273000

25561000

54337000

56743000

102347000

95198000

10415000

3781000

19787000

4907000

5200000

3320000

11983000

13124000

69952000

63844000

134117000

113229000

13531000

8192000

19246000

16820000

1580000

13531000

8192000

19246000

18400000

102756000

72036000

178924000

131629000

336921000

141524000

381951000

190870000

12372000

11690000

22785000

22249000

349293000

153214000

404736000

213119000

452049000

225250000

583660000

344748000

200000000 4 1 200000000 0.55

<div> <span style="color: #000000; font-weight: bold;">5. Collaborative Arrangements and Licensing Agreements</span> </div> <div> </div> <div style="text-indent: 36pt; font-family: Calibri; font-size: 11pt; color: rgb(0, 0, 0); text-align: justify;"> <span style="font-family: Times New Roman; font-size: 10.0pt;">Below, we have included our AstraZeneca and Ono collaborations, which were the only collaborations that had either substantive changes or were new 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, 2024. </span> </div> <div> </div> <div> <b>AstraZeneca</b></div><div> </div><div style="text-indent: 36pt; line-height: 1.15; text-align: justify;">We have two collaborations with AstraZeneca: one focused on the joint development and commercialization of WAINUA and one focused on the treatment of cardiovascular, renal and metabolic diseases. From inception through June 30, 2025, we have received more than $905 million from these collaborations.</div><div> </div><div style="text-indent: 36pt; line-height: 1.15; text-align: justify;">In the second quarter of 2025, we earned a $30 million milestone payment under our cardiovascular, renal and metabolic diseases collaboration when AstraZeneca initiated the Phase 2b study of opemalirsen (formerly ION532), an investigational medicine designed to reduce the production of apolipoprotein L1, or APOL1, for the treatment of APOL1-mediated kidney disease. We recognized this milestone payment as R&D revenue in full in the second quarter of 2025 because we did not have any remaining performance obligations related to the milestone payment. We will achieve the next payment of $20 million if AstraZeneca advances a medicine under this collaboration.</div><div> </div><div style="text-indent: 36pt; line-height: 1.15; text-align: justify;">During the three and six months ended June 30, 2025 and 2024, we earned the following revenue from our relationship with AstraZeneca (in thousands, except percentage amounts):</div><div> </div><table cellpadding="0" class="worksheetTable" style="font-size: 10pt; border-collapse: collapse; font-family: "Times New Roman", 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 colspan="7" style="text-align: center; font-weight: bold;">Three Months Ended</td><td> </td><td colspan="7" style="text-align: center; font-weight: bold;">Six 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;">June 30,</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;">June 30,</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 5. Collaborations - B6"></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 5. Collaborations - B6"></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 5. Collaborations - D6"></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%;">2024</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 5. Collaborations - D6"></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 5. Collaborations - F6"></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 5. Collaborations - F6"></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 5. Collaborations - H6"></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%;">2024</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 5. Collaborations - H6"></td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Revenue from our relationship with AstraZeneca</td><td style="text-align: left; width: 1%;" title="Note 5. Collaborations - B7">$</td><td style="text-align: right; width: 9%;">54,288</td><td style="text-align: left; width: 1%;" title="Note 5. Collaborations - B7"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 5. Collaborations - D7">$</td><td style="text-align: right; width: 9%;">15,960</td><td style="text-align: left; width: 1%;" title="Note 5. Collaborations - D7"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 5. Collaborations - F7">$</td><td style="text-align: right; width: 9%;">74,577</td><td style="text-align: left; width: 1%;" title="Note 5. Collaborations - F7"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 5. Collaborations - H7">$</td><td style="text-align: right; width: 9%;">27,645</td><td style="text-align: left; width: 1%;" title="Note 5. Collaborations - H7"> </td></tr><tr><td>Percentage of total revenue</td><td style="text-align: left; width: 1%;" title="Note 5. Collaborations - B8"> </td><td style="text-align: right; width: 9%;">12</td><td style="text-align: left; width: 1%;" title="Note 5. Collaborations - B8">%</td><td> </td><td style="text-align: left; width: 1%;" title="Note 5. Collaborations - D8"> </td><td style="text-align: right; width: 9%;">7</td><td style="text-align: left; width: 1%;" title="Note 5. Collaborations - D8">%</td><td> </td><td style="text-align: left; width: 1%;" title="Note 5. Collaborations - F8"> </td><td style="text-align: right; width: 9%;">13</td><td style="text-align: left; width: 1%;" title="Note 5. Collaborations - F8">%</td><td> </td><td style="text-align: left; width: 1%;" title="Note 5. Collaborations - H8"> </td><td style="text-align: right; width: 9%;">8</td><td style="text-align: left; width: 1%;" title="Note 5. Collaborations - H8">%</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 AstraZeneca at June 30, 2025 and December 31, 2024.</div><div> </div><div style="text-indent: 36pt;"> <span style="color: #000000; font-weight: bold; font-style: italic;">Ono</span> </div> <div style="text-align: justify;"> </div> <div style="text-indent: 36pt; text-align: justify;"> <span style="color: #000000;">In March 2025, we entered into an agreement with Ono Pharmaceutical Co., Ltd., or Ono, to develop and commercialize sapablursen, an investigational RNA-targeted medicine for the potential treatment of polycythemia vera, or PV, a rare and potentially life-threatening hematologic disease. We are responsible for completing the ongoing Phase 2 IMPRSSION study, while Ono will be solely responsible for subsequent development, regulatory filings and commercialization of sapablursen.</span> </div> <div style="text-align: justify;"> </div> <div style="text-indent: 36pt; text-align: justify;"> <span style="color: #000000;">Over the term of this collaboration, we are eligible to receive up to $940 million, which is comprised of a $280 million upfront payment, a $20 million development milestone payment, up to $20 million in regulatory milestone payments and up to $620 million in sales milestone payments. In addition, we are eligible to receive royalties in the mid-teen percentage range on net sales. From inception through June 30, 2025, we received the $280 million upfront payment under this collaboration. We achieved the upfront payment when this transaction received clearance under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, or HSR Act, in April 2025. We will achieve the next payment of $20 million if Ono initiates a pivotal clinical trial under this collaboration.</span> </div> <div style="text-indent: 36pt; text-align: justify;"> </div><div style="text-indent: 36pt; text-align: justify;">At inception, we identified two performance obligations under this agreement, comprised of our license of sapablursen to Ono and R&D services for sapablursen. We determined the transaction price to be the $280 million upfront payment we received in the second quarter of 2025. We allocated the transaction price based on the estimated stand-alone selling price of each performance obligation as follows:</div><div style="text-indent: 36pt; text-align: justify;"> </div><div style="text-indent: 36pt; text-align: justify;">● $278 million for the license of sapablursen; and</div><div style="text-indent: 36pt; text-align: justify;">● $2 million for the R&D services for sapablursen.</div><div style="text-indent: 36pt; text-align: justify;"> </div><div style="text-indent: 36pt; text-align: justify;">We recognized $278 million of R&D revenue for the license of sapablursen in the second quarter of 2025 because we completed the performance obligation when we delivered the license to Ono. We recognized revenue for our R&D services performance obligation as we performed services based on our effort to satisfy our performance obligation relative to our total effort expected to satisfy our performance obligation. In the second quarter of 2025, we completed our R&D services performance obligation and recognized $2 million of R&D revenue.</div><div style="text-indent: 36pt; text-align: justify;"> </div><div style="text-indent: 36pt; text-align: justify;">During <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;">the three and six months ended June 30, 2025 and 2024, we earned the following revenue from our relationship with Ono (in thousands, except percentage amounts):</span></div><div style="text-indent: 36pt; text-align: justify;"> </div><table cellpadding="0" class="worksheetTable" style="font-size: 10pt; border-collapse: collapse; font-family: "Times New Roman", 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="width: 1%;" title="Note 5. Collaborations - Ono - B2"></td><td style="text-align: center; font-weight: bold; width: 9%;">Three Months Ended</td><td style="width: 1%;" title="Note 5. Collaborations - Ono - B2"></td><td> </td><td style="width: 1%;" title="Note 5. Collaborations - Ono - D2"></td><td style="text-align: center; font-weight: bold; width: 9%;">Six Months Ended</td><td style="width: 1%;" title="Note 5. Collaborations - Ono - D2"></td></tr><tr><td> </td><td style="border-left: none; border-right: none; border-bottom: 1px solid black; border-top: none; width: 1%;" title="Note 5. Collaborations - Ono - B3"></td><td style="text-align: center; font-weight: bold; border-top: none; border-left: none; border-right: none; border-bottom: 1px solid black; width: 9%;">June 30, 2025</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 5. Collaborations - Ono - B3"></td><td> </td><td style="border-bottom: 1px solid black; border-left: none; border-right: none; border-top: none; width: 1%;" title="Note 5. Collaborations - Ono - D3"></td><td style="text-align: center; font-weight: bold; border-left: none; border-right: none; border-bottom: 1px solid black; border-top: none; width: 9%;">June 30, 2025</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 5. Collaborations - Ono - D3"></td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Revenue from our relationship with Ono</td><td style="text-align: left; width: 1%;" title="Note 5. Collaborations - Ono - B4">$</td><td style="text-align: right; width: 9%;">280,000</td><td style="text-align: left; width: 1%;" title="Note 5. Collaborations - Ono - B4"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 5. Collaborations - Ono - D4">$</td><td style="text-align: right; width: 9%;">280,000</td><td style="text-align: left; width: 1%;" title="Note 5. Collaborations - Ono - D4"> </td></tr><tr><td>Percentage of total revenue</td><td style="text-align: left; width: 1%;" title="Note 5. Collaborations - Ono - B5"> </td><td style="text-align: right; width: 9%;">62</td><td style="text-align: left; width: 1%;" title="Note 5. Collaborations - Ono - B5">%</td><td> </td><td style="text-align: left; width: 1%;" title="Note 5. Collaborations - Ono - D5"> </td><td style="text-align: right; width: 9%;">48</td><td style="text-align: left; width: 1%;" title="Note 5. Collaborations - Ono - D5">%</td></tr></table><div style="text-indent: 36pt; text-align: justify;"> </div><div style="text-indent: 36pt; text-align: justify;"><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;">We did not have any deferred revenue from our relationship with Ono at June 30, 2025 and December 31, 2024.</span></div>

2 1 1 905000000

30000000

20000000

<div style="text-indent: 36pt; line-height: 1.15; text-align: justify;">During the three and six months ended June 30, 2025 and 2024, we earned the following revenue from our relationship with AstraZeneca (in thousands, except percentage amounts):</div><div> </div><table cellpadding="0" class="worksheetTable" style="font-size: 10pt; border-collapse: collapse; font-family: "Times New Roman", 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 colspan="7" style="text-align: center; font-weight: bold;">Three Months Ended</td><td> </td><td colspan="7" style="text-align: center; font-weight: bold;">Six 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;">June 30,</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;">June 30,</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 5. Collaborations - B6"></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 5. Collaborations - B6"></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 5. Collaborations - D6"></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%;">2024</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 5. Collaborations - D6"></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 5. Collaborations - F6"></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 5. Collaborations - F6"></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 5. Collaborations - H6"></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%;">2024</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 5. Collaborations - H6"></td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Revenue from our relationship with AstraZeneca</td><td style="text-align: left; width: 1%;" title="Note 5. Collaborations - B7">$</td><td style="text-align: right; width: 9%;">54,288</td><td style="text-align: left; width: 1%;" title="Note 5. Collaborations - B7"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 5. Collaborations - D7">$</td><td style="text-align: right; width: 9%;">15,960</td><td style="text-align: left; width: 1%;" title="Note 5. Collaborations - D7"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 5. Collaborations - F7">$</td><td style="text-align: right; width: 9%;">74,577</td><td style="text-align: left; width: 1%;" title="Note 5. Collaborations - F7"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 5. Collaborations - H7">$</td><td style="text-align: right; width: 9%;">27,645</td><td style="text-align: left; width: 1%;" title="Note 5. Collaborations - H7"> </td></tr><tr><td>Percentage of total revenue</td><td style="text-align: left; width: 1%;" title="Note 5. Collaborations - B8"> </td><td style="text-align: right; width: 9%;">12</td><td style="text-align: left; width: 1%;" title="Note 5. Collaborations - B8">%</td><td> </td><td style="text-align: left; width: 1%;" title="Note 5. Collaborations - D8"> </td><td style="text-align: right; width: 9%;">7</td><td style="text-align: left; width: 1%;" title="Note 5. Collaborations - D8">%</td><td> </td><td style="text-align: left; width: 1%;" title="Note 5. Collaborations - F8"> </td><td style="text-align: right; width: 9%;">13</td><td style="text-align: left; width: 1%;" title="Note 5. Collaborations - F8">%</td><td> </td><td style="text-align: left; width: 1%;" title="Note 5. Collaborations - H8"> </td><td style="text-align: right; width: 9%;">8</td><td style="text-align: left; width: 1%;" title="Note 5. Collaborations - H8">%</td></tr></table>

54288000

15960000

74577000

27645000

0.12

0.07

0.13

0.08

940000000 280000000 20000000 20000000 620000000 280000000 20000000 2 280000000 278000000 2000000

278000000

2000000

<div style="text-indent: 36pt; text-align: justify;">During <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;">the three and six months ended June 30, 2025 and 2024, we earned the following revenue from our relationship with Ono (in thousands, except percentage amounts):</span></div><div style="text-indent: 36pt; text-align: justify;"> </div><table cellpadding="0" class="worksheetTable" style="font-size: 10pt; border-collapse: collapse; font-family: "Times New Roman", 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="width: 1%;" title="Note 5. Collaborations - Ono - B2"></td><td style="text-align: center; font-weight: bold; width: 9%;">Three Months Ended</td><td style="width: 1%;" title="Note 5. Collaborations - Ono - B2"></td><td> </td><td style="width: 1%;" title="Note 5. Collaborations - Ono - D2"></td><td style="text-align: center; font-weight: bold; width: 9%;">Six Months Ended</td><td style="width: 1%;" title="Note 5. Collaborations - Ono - D2"></td></tr><tr><td> </td><td style="border-left: none; border-right: none; border-bottom: 1px solid black; border-top: none; width: 1%;" title="Note 5. Collaborations - Ono - B3"></td><td style="text-align: center; font-weight: bold; border-top: none; border-left: none; border-right: none; border-bottom: 1px solid black; width: 9%;">June 30, 2025</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 5. Collaborations - Ono - B3"></td><td> </td><td style="border-bottom: 1px solid black; border-left: none; border-right: none; border-top: none; width: 1%;" title="Note 5. Collaborations - Ono - D3"></td><td style="text-align: center; font-weight: bold; border-left: none; border-right: none; border-bottom: 1px solid black; border-top: none; width: 9%;">June 30, 2025</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 5. Collaborations - Ono - D3"></td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Revenue from our relationship with Ono</td><td style="text-align: left; width: 1%;" title="Note 5. Collaborations - Ono - B4">$</td><td style="text-align: right; width: 9%;">280,000</td><td style="text-align: left; width: 1%;" title="Note 5. Collaborations - Ono - B4"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 5. Collaborations - Ono - D4">$</td><td style="text-align: right; width: 9%;">280,000</td><td style="text-align: left; width: 1%;" title="Note 5. Collaborations - Ono - D4"> </td></tr><tr><td>Percentage of total revenue</td><td style="text-align: left; width: 1%;" title="Note 5. Collaborations - Ono - B5"> </td><td style="text-align: right; width: 9%;">62</td><td style="text-align: left; width: 1%;" title="Note 5. Collaborations - Ono - B5">%</td><td> </td><td style="text-align: left; width: 1%;" title="Note 5. Collaborations - Ono - D5"> </td><td style="text-align: right; width: 9%;">48</td><td style="text-align: left; width: 1%;" title="Note 5. Collaborations - Ono - D5">%</td></tr></table>

280000000

0.62

0.48

<div> <span style="color: #000000; font-weight: bold;">6. Basic and Diluted Net Income (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 income (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 income (loss) per share for the three and six months ended June 30, 2025 and 2024 by dividing our net income (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 income (loss) per share</span> </div> <div style="font-size: 8pt;"> </div> <div style="text-indent: 36pt; text-align: justify;">For the three months ended June 30, 2025, we recorded net income. As a result, we computed diluted net income per share using the weighted-average number of common shares and dilutive common equivalent shares outstanding during the period. We calculated our diluted net income per share as follows (in thousands, except per share amounts):</div><div style="text-indent: 36pt; text-align: justify;"> </div><table cellpadding="0" class="worksheetTable" style="font-size: 10pt; border-collapse: collapse; font-family: "Times New Roman", 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></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="width: 1%;" title="Note 6. Diluted EPS - B3"></td><td style="text-align: center; font-weight: bold; width: 9%;">Income</td><td style="width: 1%;" title="Note 6. Diluted EPS - B3"></td><td> </td><td style="width: 1%;" title="Note 6. Diluted EPS - D3"></td><td style="text-align: center; font-weight: bold; width: 9%;">Shares</td><td style="width: 1%;" title="Note 6. Diluted EPS - D3"></td><td> </td><td style="width: 1%;" title="Note 6. Diluted EPS - F3"></td><td style="text-align: center; font-weight: bold; width: 9%;">Amount</td><td style="width: 1%;" title="Note 6. Diluted EPS - F3"></td></tr><tr><td style="font-weight: bold; text-align: left;">Three Months Ended June 30, 2025</td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 6. Diluted EPS - 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%;">(Numerator)</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 6. Diluted EPS - B4"></td><td> </td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 6. Diluted EPS - 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%;">(Denominator)</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 6. Diluted EPS - D4"></td><td> </td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 6. Diluted EPS - F4"></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%;">Per Share</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 6. Diluted EPS - F4"></td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Net income</td><td style="text-align: left; width: 1%;" title="Note 6. Diluted EPS - B5">$</td><td style="text-align: right; width: 9%;">123,551</td><td style="text-align: left; width: 1%;" title="Note 6. Diluted EPS - B5"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 6. Diluted EPS - D5"> </td><td style="text-align: right; width: 9%;">159,137</td><td style="text-align: left; width: 1%;" title="Note 6. Diluted EPS - D5"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 6. Diluted EPS - F5">$</td><td style="text-align: right; width: 9%;">0.78</td><td style="text-align: left; width: 1%;" title="Note 6. Diluted EPS - F5"> </td></tr><tr><td>Effect of dilutive securities:</td><td style="width: 1%;" title="Note 6. Diluted EPS - B6"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 6. Diluted EPS - B6"></td><td> </td><td style="width: 1%;" title="Note 6. Diluted EPS - D6"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 6. Diluted EPS - D6"></td><td> </td><td style="width: 1%;" title="Note 6. Diluted EPS - F6"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 6. Diluted EPS - F6"></td></tr><tr style="background-color: rgb(204, 238, 255);"><td style="padding-left: 20px;">Shares issuable upon exercise of stock options</td><td style="text-align: left; width: 1%;" title="Note 6. Diluted EPS - B7"> </td><td style="text-align: right; width: 9%;"> - </td><td style="text-align: left; width: 1%;" title="Note 6. Diluted EPS - B7"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 6. Diluted EPS - D7"> </td><td style="text-align: right; width: 9%;">21</td><td style="text-align: left; width: 1%;" title="Note 6. Diluted EPS - D7"> </td><td> </td><td style="width: 1%;" title="Note 6. Diluted EPS - F7"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 6. Diluted EPS - F7"></td></tr><tr><td style="padding-left: 20px;">Shares issuable upon vesting of restricted stock awards</td><td style="text-align: left; width: 1%;" title="Note 6. Diluted EPS - B8"> </td><td style="text-align: right; width: 9%;"> - </td><td style="text-align: left; width: 1%;" title="Note 6. Diluted EPS - B8"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 6. Diluted EPS - D8"> </td><td style="text-align: right; width: 9%;">1,449</td><td style="text-align: left; width: 1%;" title="Note 6. Diluted EPS - D8"> </td><td> </td><td style="width: 1%;" title="Note 6. Diluted EPS - F8"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 6. Diluted EPS - F8"></td></tr><tr style="background-color: rgb(204, 238, 255);"><td style="padding-left: 20px;">Shares issuable related to our Employee Stock Purchase Plan</td><td style="text-align: left; width: 1%;" title="Note 6. Diluted EPS - B9"> </td><td style="text-align: right; width: 9%;"> - </td><td style="text-align: left; width: 1%;" title="Note 6. Diluted EPS - B9"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 6. Diluted EPS - D9"> </td><td style="text-align: right; width: 9%;">86</td><td style="text-align: left; width: 1%;" title="Note 6. Diluted EPS - D9"> </td><td> </td><td style="width: 1%;" title="Note 6. Diluted EPS - F9"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 6. Diluted EPS - F9"></td></tr><tr><td style="padding-left: 20px;">Shares issuable related to 1.75 percent convertible senior notes</td><td style="text-align: left; width: 1%;" title="Note 6. Diluted EPS - B10"> </td><td style="text-align: right; width: 9%;">3,215</td><td style="text-align: left; width: 1%;" title="Note 6. Diluted EPS - B10"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 6. Diluted EPS - D10"> </td><td style="text-align: right; width: 9%;">10,702</td><td style="text-align: left; width: 1%;" title="Note 6. Diluted EPS - D10"> </td><td> </td><td style="width: 1%;" title="Note 6. Diluted EPS - F10"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 6. Diluted EPS - F10"></td></tr><tr style="background-color: rgb(204, 238, 255);"><td style="padding-left: 20px;">Shares issuable related to 0 percent convertible senior notes</td><td style="text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 6. Diluted EPS - B11"> </td><td style="text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">792</td><td style="text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 6. Diluted EPS - B11"> </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 6. Diluted EPS - D11"> </td><td style="text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">10,936</td><td style="text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 6. Diluted EPS - D11"> </td><td> </td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 6. Diluted EPS - F11"></td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;"> </td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 6. Diluted EPS - F11"></td></tr><tr><td>Diluted net income</td><td style="text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 6. Diluted EPS - B12">$</td><td style="text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; width: 9%;">127,558</td><td style="text-align: left; width: 1%; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 6. Diluted EPS - B12"> </td><td> </td><td style="text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 6. Diluted EPS - D12"> </td><td style="text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; width: 9%;">182,331</td><td style="text-align: left; width: 1%; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 6. Diluted EPS - D12"> </td><td> </td><td style="text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 6. Diluted EPS - F12">$</td><td style="text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; width: 9%;">0.70</td><td style="text-align: left; width: 1%; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 6. Diluted EPS - F12"> </td></tr></table><div style="text-indent: 36pt; text-align: justify;"> </div><div style="text-indent: 36pt; text-align: justify;"><span style="color: #000000;">For the six months ended June 30, 2025 and three and six months ended June 30, 2024, 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: -18pt; padding-left: 54pt;"> <div> <span style="color: #000000;">● 1.75 percent convertible senior notes, or 1.75% Notes;</span> </div> </div> <div style="text-indent: -18pt; padding-left: 54pt;"> <div> <span style="color: #000000;">● 0 percent convertible senior notes, or 0% Notes;</span> </div> </div> <div style="text-indent: -18pt; padding-left: 54pt;"> <div> <span style="color: #000000;">● Note hedges related to the 0% Notes;</span> </div> </div> <div style="text-indent: -18pt; padding-left: 54pt;"> <div> <span style="color: #000000;">● Dilutive stock options; </span> </div> </div> <div style="text-indent: -18pt; padding-left: 54pt;"> <div> <span style="color: #000000;">● Unvested restricted stock units, or RSUs; </span> </div> </div> <div style="text-indent: -18pt; padding-left: 54pt;"> <div> <span style="color: #000000;">● Unvested performance restricted stock units, or PRSUs; and</span> </div> </div> <div style="text-indent: -18pt; padding-left: 54pt;"> <div> <span style="color: #000000;">● Employee Stock Purchase Plan, or ESPP.</span> </div> </div> <div> </div> <div style="text-indent: 36pt; text-align: justify;"> <span>For the three and six months ended June 30, 2024, common stock underlying the 0.125 percent</span><span style="color: #000000;"> convertible senior notes, or 0.125% Notes</span><span>, and n</span><span style="color: #000000;">ote hedges related to the 0.125% Notes </span><span>would also have had an anti-dilutive effect on net loss per share.</span> </div> <div style="text-align: justify;"> </div> <div style="text-indent: 36pt; text-align: justify;"> As of June 30, 2025<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;">, we had warrants related to our 0% Notes outstanding.</span> As of June 30, 2024, we had warrants related to our 0% and 0.125% Notes outstanding. We will include the shares issuable under these warrants in our calculation of diluted earnings per share when the average market price per share of our common stock for the reporting period exceeds the strike price of the warrants. </div>

<div style="text-indent: 36pt; text-align: justify;"> <span style="color: #000000; font-weight: bold;">Basic net income (loss) per share</span> </div><div style="text-indent: 36pt; text-align: justify;"> <span style="color: #000000;">We calculated our basic net income (loss) per share for the three and six months ended June 30, 2025 and 2024 by dividing our net income (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 income (loss) per share</span> </div><div style="text-indent: 36pt; text-align: justify;">For the three months ended June 30, 2025, we recorded net income. As a result, we computed diluted net income per share using the weighted-average number of common shares and dilutive common equivalent shares outstanding during the period. We calculated our diluted net income per share as follows (in thousands, except per share amounts):</div><table cellpadding="0" class="worksheetTable" style="font-size: 10pt; border-collapse: collapse; font-family: "Times New Roman", 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></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="width: 1%;" title="Note 6. Diluted EPS - B3"></td><td style="text-align: center; font-weight: bold; width: 9%;">Income</td><td style="width: 1%;" title="Note 6. Diluted EPS - B3"></td><td> </td><td style="width: 1%;" title="Note 6. Diluted EPS - D3"></td><td style="text-align: center; font-weight: bold; width: 9%;">Shares</td><td style="width: 1%;" title="Note 6. Diluted EPS - D3"></td><td> </td><td style="width: 1%;" title="Note 6. Diluted EPS - F3"></td><td style="text-align: center; font-weight: bold; width: 9%;">Amount</td><td style="width: 1%;" title="Note 6. Diluted EPS - F3"></td></tr><tr><td style="font-weight: bold; text-align: left;">Three Months Ended June 30, 2025</td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 6. Diluted EPS - 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%;">(Numerator)</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 6. Diluted EPS - B4"></td><td> </td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 6. Diluted EPS - 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%;">(Denominator)</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 6. Diluted EPS - D4"></td><td> </td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 6. Diluted EPS - F4"></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%;">Per Share</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 6. Diluted EPS - F4"></td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Net income</td><td style="text-align: left; width: 1%;" title="Note 6. Diluted EPS - B5">$</td><td style="text-align: right; width: 9%;">123,551</td><td style="text-align: left; width: 1%;" title="Note 6. Diluted EPS - B5"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 6. Diluted EPS - D5"> </td><td style="text-align: right; width: 9%;">159,137</td><td style="text-align: left; width: 1%;" title="Note 6. Diluted EPS - D5"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 6. Diluted EPS - F5">$</td><td style="text-align: right; width: 9%;">0.78</td><td style="text-align: left; width: 1%;" title="Note 6. Diluted EPS - F5"> </td></tr><tr><td>Effect of dilutive securities:</td><td style="width: 1%;" title="Note 6. Diluted EPS - B6"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 6. Diluted EPS - B6"></td><td> </td><td style="width: 1%;" title="Note 6. Diluted EPS - D6"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 6. Diluted EPS - D6"></td><td> </td><td style="width: 1%;" title="Note 6. Diluted EPS - F6"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 6. Diluted EPS - F6"></td></tr><tr style="background-color: rgb(204, 238, 255);"><td style="padding-left: 20px;">Shares issuable upon exercise of stock options</td><td style="text-align: left; width: 1%;" title="Note 6. Diluted EPS - B7"> </td><td style="text-align: right; width: 9%;"> - </td><td style="text-align: left; width: 1%;" title="Note 6. Diluted EPS - B7"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 6. Diluted EPS - D7"> </td><td style="text-align: right; width: 9%;">21</td><td style="text-align: left; width: 1%;" title="Note 6. Diluted EPS - D7"> </td><td> </td><td style="width: 1%;" title="Note 6. Diluted EPS - F7"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 6. Diluted EPS - F7"></td></tr><tr><td style="padding-left: 20px;">Shares issuable upon vesting of restricted stock awards</td><td style="text-align: left; width: 1%;" title="Note 6. Diluted EPS - B8"> </td><td style="text-align: right; width: 9%;"> - </td><td style="text-align: left; width: 1%;" title="Note 6. Diluted EPS - B8"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 6. Diluted EPS - D8"> </td><td style="text-align: right; width: 9%;">1,449</td><td style="text-align: left; width: 1%;" title="Note 6. Diluted EPS - D8"> </td><td> </td><td style="width: 1%;" title="Note 6. Diluted EPS - F8"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 6. Diluted EPS - F8"></td></tr><tr style="background-color: rgb(204, 238, 255);"><td style="padding-left: 20px;">Shares issuable related to our Employee Stock Purchase Plan</td><td style="text-align: left; width: 1%;" title="Note 6. Diluted EPS - B9"> </td><td style="text-align: right; width: 9%;"> - </td><td style="text-align: left; width: 1%;" title="Note 6. Diluted EPS - B9"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 6. Diluted EPS - D9"> </td><td style="text-align: right; width: 9%;">86</td><td style="text-align: left; width: 1%;" title="Note 6. Diluted EPS - D9"> </td><td> </td><td style="width: 1%;" title="Note 6. Diluted EPS - F9"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 6. Diluted EPS - F9"></td></tr><tr><td style="padding-left: 20px;">Shares issuable related to 1.75 percent convertible senior notes</td><td style="text-align: left; width: 1%;" title="Note 6. Diluted EPS - B10"> </td><td style="text-align: right; width: 9%;">3,215</td><td style="text-align: left; width: 1%;" title="Note 6. Diluted EPS - B10"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 6. Diluted EPS - D10"> </td><td style="text-align: right; width: 9%;">10,702</td><td style="text-align: left; width: 1%;" title="Note 6. Diluted EPS - D10"> </td><td> </td><td style="width: 1%;" title="Note 6. Diluted EPS - F10"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 6. Diluted EPS - F10"></td></tr><tr style="background-color: rgb(204, 238, 255);"><td style="padding-left: 20px;">Shares issuable related to 0 percent convertible senior notes</td><td style="text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 6. Diluted EPS - B11"> </td><td style="text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">792</td><td style="text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 6. Diluted EPS - B11"> </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 6. Diluted EPS - D11"> </td><td style="text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">10,936</td><td style="text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 6. Diluted EPS - D11"> </td><td> </td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 6. Diluted EPS - F11"></td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;"> </td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 6. Diluted EPS - F11"></td></tr><tr><td>Diluted net income</td><td style="text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 6. Diluted EPS - B12">$</td><td style="text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; width: 9%;">127,558</td><td style="text-align: left; width: 1%; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 6. Diluted EPS - B12"> </td><td> </td><td style="text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 6. Diluted EPS - D12"> </td><td style="text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; width: 9%;">182,331</td><td style="text-align: left; width: 1%; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 6. Diluted EPS - D12"> </td><td> </td><td style="text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 6. Diluted EPS - F12">$</td><td style="text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; width: 9%;">0.70</td><td style="text-align: left; width: 1%; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 6. Diluted EPS - F12"> </td></tr></table><div style="text-indent: 36pt; text-align: justify;"><span style="color: #000000;">For the six months ended June 30, 2025 and three and six months ended June 30, 2024, 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: -18pt; padding-left: 54pt;"> <div> <span style="color: #000000;">● 1.75 percent convertible senior notes, or 1.75% Notes;</span> </div> </div><div style="text-indent: -18pt; padding-left: 54pt;"> <div> <span style="color: #000000;">● 0 percent convertible senior notes, or 0% Notes;</span> </div> </div><div style="text-indent: -18pt; padding-left: 54pt;"> <div> <span style="color: #000000;">● Note hedges related to the 0% Notes;</span> </div> </div><div style="text-indent: -18pt; padding-left: 54pt;"> <div> <span style="color: #000000;">● Dilutive stock options; </span> </div> </div><div style="text-indent: -18pt; padding-left: 54pt;"> <div> <span style="color: #000000;">● Unvested restricted stock units, or RSUs; </span> </div> </div><div style="text-indent: -18pt; padding-left: 54pt;"> <div> <span style="color: #000000;">● Unvested performance restricted stock units, or PRSUs; and</span> </div> </div><div style="text-indent: -18pt; padding-left: 54pt;"> <div> <span style="color: #000000;">● Employee Stock Purchase Plan, or ESPP.</span> </div> </div><div style="text-indent: 36pt; text-align: justify;"> <span>For the three and six months ended June 30, 2024, common stock underlying the 0.125 percent</span><span style="color: #000000;"> convertible senior notes, or 0.125% Notes</span><span>, and n</span><span style="color: #000000;">ote hedges related to the 0.125% Notes </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;"> As of June 30, 2025<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;">, we had warrants related to our 0% Notes outstanding.</span> As of June 30, 2024, we had warrants related to our 0% and 0.125% Notes outstanding. We will include the shares issuable under these warrants in our calculation of diluted earnings per share when the average market price per share of our common stock for the reporting period exceeds the strike price of the warrants. </div>

We calculated our diluted net income per share as follows (in thousands, except per share amounts):<table cellpadding="0" class="worksheetTable" style="font-size: 10pt; border-collapse: collapse; font-family: "Times New Roman", 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></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="width: 1%;" title="Note 6. Diluted EPS - B3"></td><td style="text-align: center; font-weight: bold; width: 9%;">Income</td><td style="width: 1%;" title="Note 6. Diluted EPS - B3"></td><td> </td><td style="width: 1%;" title="Note 6. Diluted EPS - D3"></td><td style="text-align: center; font-weight: bold; width: 9%;">Shares</td><td style="width: 1%;" title="Note 6. Diluted EPS - D3"></td><td> </td><td style="width: 1%;" title="Note 6. Diluted EPS - F3"></td><td style="text-align: center; font-weight: bold; width: 9%;">Amount</td><td style="width: 1%;" title="Note 6. Diluted EPS - F3"></td></tr><tr><td style="font-weight: bold; text-align: left;">Three Months Ended June 30, 2025</td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 6. Diluted EPS - 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%;">(Numerator)</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 6. Diluted EPS - B4"></td><td> </td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 6. Diluted EPS - 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%;">(Denominator)</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 6. Diluted EPS - D4"></td><td> </td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 6. Diluted EPS - F4"></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%;">Per Share</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 6. Diluted EPS - F4"></td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Net income</td><td style="text-align: left; width: 1%;" title="Note 6. Diluted EPS - B5">$</td><td style="text-align: right; width: 9%;">123,551</td><td style="text-align: left; width: 1%;" title="Note 6. Diluted EPS - B5"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 6. Diluted EPS - D5"> </td><td style="text-align: right; width: 9%;">159,137</td><td style="text-align: left; width: 1%;" title="Note 6. Diluted EPS - D5"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 6. Diluted EPS - F5">$</td><td style="text-align: right; width: 9%;">0.78</td><td style="text-align: left; width: 1%;" title="Note 6. Diluted EPS - F5"> </td></tr><tr><td>Effect of dilutive securities:</td><td style="width: 1%;" title="Note 6. Diluted EPS - B6"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 6. Diluted EPS - B6"></td><td> </td><td style="width: 1%;" title="Note 6. Diluted EPS - D6"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 6. Diluted EPS - D6"></td><td> </td><td style="width: 1%;" title="Note 6. Diluted EPS - F6"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 6. Diluted EPS - F6"></td></tr><tr style="background-color: rgb(204, 238, 255);"><td style="padding-left: 20px;">Shares issuable upon exercise of stock options</td><td style="text-align: left; width: 1%;" title="Note 6. Diluted EPS - B7"> </td><td style="text-align: right; width: 9%;"> - </td><td style="text-align: left; width: 1%;" title="Note 6. Diluted EPS - B7"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 6. Diluted EPS - D7"> </td><td style="text-align: right; width: 9%;">21</td><td style="text-align: left; width: 1%;" title="Note 6. Diluted EPS - D7"> </td><td> </td><td style="width: 1%;" title="Note 6. Diluted EPS - F7"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 6. Diluted EPS - F7"></td></tr><tr><td style="padding-left: 20px;">Shares issuable upon vesting of restricted stock awards</td><td style="text-align: left; width: 1%;" title="Note 6. Diluted EPS - B8"> </td><td style="text-align: right; width: 9%;"> - </td><td style="text-align: left; width: 1%;" title="Note 6. Diluted EPS - B8"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 6. Diluted EPS - D8"> </td><td style="text-align: right; width: 9%;">1,449</td><td style="text-align: left; width: 1%;" title="Note 6. Diluted EPS - D8"> </td><td> </td><td style="width: 1%;" title="Note 6. Diluted EPS - F8"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 6. Diluted EPS - F8"></td></tr><tr style="background-color: rgb(204, 238, 255);"><td style="padding-left: 20px;">Shares issuable related to our Employee Stock Purchase Plan</td><td style="text-align: left; width: 1%;" title="Note 6. Diluted EPS - B9"> </td><td style="text-align: right; width: 9%;"> - </td><td style="text-align: left; width: 1%;" title="Note 6. Diluted EPS - B9"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 6. Diluted EPS - D9"> </td><td style="text-align: right; width: 9%;">86</td><td style="text-align: left; width: 1%;" title="Note 6. Diluted EPS - D9"> </td><td> </td><td style="width: 1%;" title="Note 6. Diluted EPS - F9"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 6. Diluted EPS - F9"></td></tr><tr><td style="padding-left: 20px;">Shares issuable related to 1.75 percent convertible senior notes</td><td style="text-align: left; width: 1%;" title="Note 6. Diluted EPS - B10"> </td><td style="text-align: right; width: 9%;">3,215</td><td style="text-align: left; width: 1%;" title="Note 6. Diluted EPS - B10"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 6. Diluted EPS - D10"> </td><td style="text-align: right; width: 9%;">10,702</td><td style="text-align: left; width: 1%;" title="Note 6. Diluted EPS - D10"> </td><td> </td><td style="width: 1%;" title="Note 6. Diluted EPS - F10"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 6. Diluted EPS - F10"></td></tr><tr style="background-color: rgb(204, 238, 255);"><td style="padding-left: 20px;">Shares issuable related to 0 percent convertible senior notes</td><td style="text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 6. Diluted EPS - B11"> </td><td style="text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">792</td><td style="text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 6. Diluted EPS - B11"> </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 6. Diluted EPS - D11"> </td><td style="text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">10,936</td><td style="text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 6. Diluted EPS - D11"> </td><td> </td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 6. Diluted EPS - F11"></td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;"> </td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 6. Diluted EPS - F11"></td></tr><tr><td>Diluted net income</td><td style="text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 6. Diluted EPS - B12">$</td><td style="text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; width: 9%;">127,558</td><td style="text-align: left; width: 1%; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 6. Diluted EPS - B12"> </td><td> </td><td style="text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 6. Diluted EPS - D12"> </td><td style="text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; width: 9%;">182,331</td><td style="text-align: left; width: 1%; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 6. Diluted EPS - D12"> </td><td> </td><td style="text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 6. Diluted EPS - F12">$</td><td style="text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; width: 9%;">0.70</td><td style="text-align: left; width: 1%; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 6. Diluted EPS - F12"> </td></tr></table>

123551000

159137000

0.78

21000

1449000

86000

3215000

10702000

792000

10936000

127558000

182331000

0.7

0.0175

0.00125

<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 June 30, 2025:</span> </div> <div> </div> <div> </div><table cellpadding="0" class="worksheetTable" style="font-size: 10pt; border-collapse: collapse; font-family: "Times New Roman", 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;">66</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;">29</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-1">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;">5</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 June 30, 2025, 95 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 & 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 June 30, 2025, we had an equity ownership interest of less than 20 percent in seven private companies and three public companies with which we conduct business. </span> </div><div> <span style="color: #000000;">The following is a summary of our investments (in thousands):</span> </div> <div> </div><table cellpadding="0" class="worksheetTable" style="font-size: 10pt; border-collapse: collapse; font-family: "Times New Roman", 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;">June 30, 2025</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">$</td><td style="width: 9%; text-align: right; vertical-align: bottom;">607,088</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - B12"> </td><td> </td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - D12">$</td><td style="width: 9%; text-align: right; vertical-align: bottom;">242</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">$</td><td style="width: 9%; text-align: right; vertical-align: bottom;">(373</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - F12">) </td><td> </td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - H12">$</td><td style="width: 9%; text-align: right; vertical-align: bottom;">606,957</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;">122,690</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;">66</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;">(53</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;">122,703</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;">593,378</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;">168</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;">(449</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;">593,097</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;">6,851</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;">(1</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;">6,852</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;">1,330,007</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;">478</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;">(876</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;">1,329,609</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;">458,306</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;">1,484</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;">(361</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;">459,429</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;">71,028</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;">178</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;">(87</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;">71,119</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;">184,559</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;">366</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;">(41</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;">184,884</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;" title="Note 7. Investments - B20"> </td><td style="width: 9%; text-align: right; vertical-align: bottom;">2,216</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - B20"> </td><td> </td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - D20"> </td><td style="width: 9%; text-align: right; vertical-align: bottom;">1</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - D20"> </td><td> </td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - F20"> </td><td style="width: 9%; text-align: right; vertical-align: bottom;">-</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - F20"> </td><td> </td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - H20"> </td><td style="width: 9%; text-align: right; vertical-align: bottom;">2,217</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - H20"> </td></tr><tr><td style="vertical-align: bottom;">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; vertical-align: bottom;" title="Note 7. Investments - B21"> </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;">698</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 - B21"> </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 - D21"> </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 - D21"> </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 - F21"> </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</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 - F21">) </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 - H21"> </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;">697</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 - H21"> </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 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;">716,807</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;">2,029</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;">(490</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;">718,346</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><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">$</td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;">2,046,814</td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - B23"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;" title="Note 7. Investments - D23">$</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;">2,507</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">$</td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;">(1,366</td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - F23">) </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;" title="Note 7. Investments - H23">$</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;">2,047,955</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 style="background-color: rgb(204, 238, 255);"><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><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;">38</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">$</td><td style="width: 9%; text-align: right; vertical-align: bottom;">(8,946</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - F26">) </td><td> </td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - H26">$</td><td style="width: 9%; text-align: right; vertical-align: bottom;">2,989</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - H26"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><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;">4,905</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;">25,001</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;">(7,090</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;">22,816</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><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;">16,802</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 - 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;">25,039</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;">(16,036</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;">25,805</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 style="background-color: rgb(204, 238, 255);"><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">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;">2,063,616</td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - B29"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;" title="Note 7. Investments - D29">$</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;">27,546</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">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;">(17,402</td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - F29">) </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;" title="Note 7. Investments - H29">$</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;">2,073,760</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" class="worksheetTable" style="font-size: 10pt; border-collapse: collapse; font-family: "Times New Roman", 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, 2024</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">$</td><td style="width: 9%; text-align: right;">593,810</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - B33"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - D33">$</td><td style="width: 9%; text-align: right;">487</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">$</td><td style="width: 9%; text-align: right;">(240</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - F33">) </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - H33">$</td><td style="width: 9%; text-align: right;">594,057</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;">143,647</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;">287</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;">(39</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;">143,895</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;">657,285</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;">825</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;">(120</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;">657,990</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;">7,516</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;">8</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;">7,524</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;">1,402,258</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;">1,607</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;">(399</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;">1,403,466</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;">439,561</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;">723</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;">(2,275</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;">438,009</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;">65,255</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;">137</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;">(289</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;">65,103</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;">149,086</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;">124</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;">(476</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;">148,734</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;">698</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;">-</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;">(2</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;">696</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;">654,600</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;">984</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;">(3,042</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;">652,542</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">$</td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none;">2,056,858</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - B43"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none;" title="Note 7. Investments - D43">$</td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none;">2,591</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">$</td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none;">(3,441</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - F43">) </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none;" title="Note 7. Investments - H43">$</td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-right: none;">2,056,008</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;">26</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">$</td><td style="width: 9%; text-align: right;">(6,660</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - F45">) </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - H45">$</td><td style="width: 9%; text-align: right;">5,263</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)</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;">23,115</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;">25,001</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;">(7,093</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;">41,023</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;">35,012</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;">25,027</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;">(13,753</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;">46,286</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">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;">2,091,870</td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - B48"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - D48">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;">27,618</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">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;">(17,194</td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - F48">) </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - H48">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;">2,102,294</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> <span style="color: #000000;">(2) Our publicly traded equity securities are included in other current assets. We recognize publicly traded equity securities at fair value. In the six months ended June 30, 2025, we recorded a $2.3 million net unrealized loss in our condensed consolidated statements of operations related to changes in the fair value of our investments in publicly traded companies.</span> </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 six months ended June 30, 2025, the amortized cost of our privately held equity securities decreased because we recorded a loss of $18.2 million in our condensed consolidated statements of operations related to an impairment of our investment in a privately held company.</span></div> </div> <div style="text-align: justify; margin-left: 18pt;"> </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 June 30, 2025 (in thousands, except for number of investments): </span> </div> <div> </div> <table cellpadding="0" class="worksheetTable" style="font-size: 10pt; border-collapse: collapse; font-family: "Times New Roman", 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;">252</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;">544,205</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">$</td><td style="width: 9%; text-align: right;">(728</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - F54">) </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - H54">$</td><td style="width: 9%; text-align: right;">1,958</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">$</td><td style="width: 9%; text-align: right;">(6</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - J54">) </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - L54">$</td><td style="width: 9%; text-align: right;">546,163</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;">(734</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - N54">) </td></tr><tr><td>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;">44</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;">87,403</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;">(140</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;">-</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;">-</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;">87,403</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;">(140</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - N55">) </td></tr><tr style="background-color: rgb(204, 238, 255);"><td>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;">76</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;">488,942</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;">(440</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;">13,040</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;">(50</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;">501,982</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;">(490</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - N56">) </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;" title="Note 7. Investments - B57"> </td><td style="width: 9%; text-align: right;">6</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - B57"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - D57"> </td><td style="width: 9%; text-align: right;">3,677</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - D57"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - F57"> </td><td style="width: 9%; text-align: right;">(1</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - F57">) </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - H57"> </td><td style="width: 9%; text-align: right;">-</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - H57"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - J57"> </td><td style="width: 9%; text-align: right;">-</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - J57"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - L57"> </td><td style="width: 9%; text-align: right;">3,677</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - L57"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - N57"> </td><td style="width: 9%; text-align: right;">(1</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - N57">) </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 - B58"> </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 - 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;">697</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;">697</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><td>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;">379</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;">1,124,924</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">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;">(1,310</td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - F59">) </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - H59">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;">14,998</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">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;">(56</td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - J59">) </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - L59">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;">1,139,922</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;">(1,366</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 June 30, 2025:</span> </div> <div> </div> <div> </div><table cellpadding="0" class="worksheetTable" style="font-size: 10pt; border-collapse: collapse; font-family: "Times New Roman", 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;">66</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;">29</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-1">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;">5</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 0.66 P1Y P2Y 0.29 P2Y 0.05 1 0.95 P2Y 7 3

<div> <span style="color: #000000;">The following is a summary of our investments (in thousands):</span> </div> <div> </div><table cellpadding="0" class="worksheetTable" style="font-size: 10pt; border-collapse: collapse; font-family: "Times New Roman", 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;">June 30, 2025</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">$</td><td style="width: 9%; text-align: right; vertical-align: bottom;">607,088</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - B12"> </td><td> </td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - D12">$</td><td style="width: 9%; text-align: right; vertical-align: bottom;">242</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">$</td><td style="width: 9%; text-align: right; vertical-align: bottom;">(373</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - F12">) </td><td> </td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - H12">$</td><td style="width: 9%; text-align: right; vertical-align: bottom;">606,957</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;">122,690</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;">66</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;">(53</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;">122,703</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;">593,378</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;">168</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;">(449</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;">593,097</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;">6,851</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;">(1</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;">6,852</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;">1,330,007</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;">478</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;">(876</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;">1,329,609</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;">458,306</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;">1,484</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;">(361</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;">459,429</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;">71,028</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;">178</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;">(87</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;">71,119</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;">184,559</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;">366</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;">(41</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;">184,884</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;" title="Note 7. Investments - B20"> </td><td style="width: 9%; text-align: right; vertical-align: bottom;">2,216</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - B20"> </td><td> </td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - D20"> </td><td style="width: 9%; text-align: right; vertical-align: bottom;">1</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - D20"> </td><td> </td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - F20"> </td><td style="width: 9%; text-align: right; vertical-align: bottom;">-</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - F20"> </td><td> </td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - H20"> </td><td style="width: 9%; text-align: right; vertical-align: bottom;">2,217</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - H20"> </td></tr><tr><td style="vertical-align: bottom;">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; vertical-align: bottom;" title="Note 7. Investments - B21"> </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;">698</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 - B21"> </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 - D21"> </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 - D21"> </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 - F21"> </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</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 - F21">) </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 - H21"> </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;">697</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 - H21"> </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 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;">716,807</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;">2,029</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;">(490</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;">718,346</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><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">$</td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;">2,046,814</td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - B23"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;" title="Note 7. Investments - D23">$</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;">2,507</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">$</td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;">(1,366</td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - F23">) </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;" title="Note 7. Investments - H23">$</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;">2,047,955</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 style="background-color: rgb(204, 238, 255);"><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><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;">38</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">$</td><td style="width: 9%; text-align: right; vertical-align: bottom;">(8,946</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - F26">) </td><td> </td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - H26">$</td><td style="width: 9%; text-align: right; vertical-align: bottom;">2,989</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - H26"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><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;">4,905</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;">25,001</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;">(7,090</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;">22,816</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><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;">16,802</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 - 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;">25,039</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;">(16,036</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;">25,805</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 style="background-color: rgb(204, 238, 255);"><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">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;">2,063,616</td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - B29"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;" title="Note 7. Investments - D29">$</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;">27,546</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">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;">(17,402</td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - F29">) </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;" title="Note 7. Investments - H29">$</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;">2,073,760</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" class="worksheetTable" style="font-size: 10pt; border-collapse: collapse; font-family: "Times New Roman", 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, 2024</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">$</td><td style="width: 9%; text-align: right;">593,810</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - B33"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - D33">$</td><td style="width: 9%; text-align: right;">487</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">$</td><td style="width: 9%; text-align: right;">(240</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - F33">) </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - H33">$</td><td style="width: 9%; text-align: right;">594,057</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;">143,647</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;">287</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;">(39</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;">143,895</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;">657,285</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;">825</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;">(120</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;">657,990</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;">7,516</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;">8</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;">7,524</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;">1,402,258</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;">1,607</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;">(399</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;">1,403,466</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;">439,561</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;">723</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;">(2,275</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;">438,009</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;">65,255</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;">137</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;">(289</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;">65,103</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;">149,086</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;">124</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;">(476</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;">148,734</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;">698</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;">-</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;">(2</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;">696</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;">654,600</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;">984</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;">(3,042</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;">652,542</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">$</td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none;">2,056,858</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - B43"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none;" title="Note 7. Investments - D43">$</td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none;">2,591</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">$</td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none;">(3,441</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - F43">) </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none;" title="Note 7. Investments - H43">$</td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-right: none;">2,056,008</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;">26</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">$</td><td style="width: 9%; text-align: right;">(6,660</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - F45">) </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - H45">$</td><td style="width: 9%; text-align: right;">5,263</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)</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;">23,115</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;">25,001</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;">(7,093</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;">41,023</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;">35,012</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;">25,027</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;">(13,753</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;">46,286</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">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;">2,091,870</td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - B48"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - D48">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;">27,618</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">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;">(17,194</td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - F48">) </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - H48">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;">2,102,294</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> <span style="color: #000000;">(2) Our publicly traded equity securities are included in other current assets. We recognize publicly traded equity securities at fair value. In the six months ended June 30, 2025, we recorded a $2.3 million net unrealized loss in our condensed consolidated statements of operations related to changes in the fair value of our investments in publicly traded companies.</span> </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 six months ended June 30, 2025, the amortized cost of our privately held equity securities decreased because we recorded a loss of $18.2 million in our condensed consolidated statements of operations related to an impairment of our investment in a privately held company.</span></div> </div>

607088000

242000 373000

606957000

122690000

66000 53000

122703000

593378000

168000 449000

593097000

6851000

2000 1000

6852000

1330007000

478000 876000

1329609000

458306000

1484000 361000

459429000

71028000

178000 87000

71119000

184559000

366000 41000

184884000

2216000

1000 0

2217000

698000

0 1000

697000

716807000

2029000 490000

718346000

2046814000

2507000

1366000

2047955000

11897000

38000 8946000

2989000

4905000

25001000 7090000

22816000

16802000

25039000 16036000

25805000

2063616000 27546000 17402000 2073760000

593810000

487000 240000

594057000

143647000

287000 39000

143895000

657285000

825000 120000

657990000

7516000

8000 0

7524000

1402258000

1607000 399000

1403466000

439561000

723000 2275000

438009000

65255000

137000 289000

65103000

149086000

124000 476000

148734000

698000

0 2000

696000

654600000

984000 3042000

652542000

2056858000

2591000

3441000

2056008000

11897000

26000 6660000

5263000

23115000

25001000 7093000

41023000

35012000

25027000 13753000

46286000

2091870000 27618000 17194000 2102294000

2300000

18200000

<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 June 30, 2025 (in thousands, except for number of investments): </span> </div> <div> </div> <table cellpadding="0" class="worksheetTable" style="font-size: 10pt; border-collapse: collapse; font-family: "Times New Roman", 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;">252</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">$</td><td style="width: 9%; text-align: right;">544,205</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - D54"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - F54">$</td><td style="width: 9%; text-align: right;">(728</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">$</td><td style="width: 9%; text-align: right;">1,958</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - H54"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - J54">$</td><td style="width: 9%; text-align: right;">(6</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">$</td><td style="width: 9%; text-align: right;">546,163</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - L54"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - N54">$</td><td style="width: 9%; text-align: right;">(734</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - N54">) </td></tr><tr><td>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;">44</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;">87,403</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;">(140</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;">-</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;">-</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;">87,403</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;">(140</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - N55">) </td></tr><tr style="background-color: rgb(204, 238, 255);"><td>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;">76</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;">488,942</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;">(440</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;">13,040</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;">(50</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;">501,982</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;">(490</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - N56">) </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;" title="Note 7. Investments - B57"> </td><td style="width: 9%; text-align: right;">6</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - B57"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - D57"> </td><td style="width: 9%; text-align: right;">3,677</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - D57"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - F57"> </td><td style="width: 9%; text-align: right;">(1</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - F57">) </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - H57"> </td><td style="width: 9%; text-align: right;">-</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - H57"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - J57"> </td><td style="width: 9%; text-align: right;">-</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - J57"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - L57"> </td><td style="width: 9%; text-align: right;">3,677</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - L57"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - N57"> </td><td style="width: 9%; text-align: right;">(1</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - N57">) </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 - B58"> </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 - 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;">697</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;">697</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><td>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;">379</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">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;">1,124,924</td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - D59"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - F59">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;">(1,310</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">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;">14,998</td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - H59"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - J59">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;">(56</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">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;">1,139,922</td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - L59"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - N59">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;">(1,366</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>

252

544205000

728000

1958000

6000

546163000

734000

87403000

140000

87403000

140000

488942000

440000

13040000

50000

501982000

490000

3677000

1000

3677000

1000

697000

1000

697000

1000

379

1124924000

1310000

14998000

56000

1139922000

1366000

<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 June 30, 2025 and December 31, 2024 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" class="worksheetTable" style="font-size: 10pt; border-collapse: collapse; font-family: "Times New Roman", 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%;">June 30, 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 - 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">$</td><td style="text-align: right; width: 9%;">176,462</td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - B5"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - D5">$</td><td style="text-align: right; width: 9%;">176,462</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%;">1,066,386</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%;">1,066,386</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%;">193,822</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%;">193,822</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 (4)</td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - B8"> </td><td style="text-align: right; width: 9%;">777,981</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%;">777,981</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>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%;">9,069</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%;">9,069</td><td style="text-align: left; vertical-align: bottom; width: 1%;" title="Note 8. Fair Value Measurements - F9"> </td></tr><tr><td>Other municipal debt securities (3)</td><td style="text-align: left; border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; width: 1%;" title="Note 8. Fair Value Measurements - B10"> </td><td style="text-align: right; border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; width: 9%;">697</td><td style="text-align: left; vertical-align: bottom; border-width: initial; border-style: none; border-color: initial; width: 1%;" title="Note 8. Fair Value Measurements - B10"> </td><td> </td><td style="text-align: left; border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; width: 1%;" title="Note 8. Fair Value Measurements - D10"> </td><td style="text-align: right; border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; width: 9%;">-</td><td style="text-align: left; vertical-align: bottom; border-width: initial; border-style: none; border-color: initial; width: 1%;" title="Note 8. Fair Value Measurements - D10"> </td><td> </td><td style="text-align: left; border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; width: 1%;" title="Note 8. Fair Value Measurements - F10"> </td><td style="text-align: right; border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; width: 9%;">697</td><td style="text-align: left; vertical-align: bottom; border-width: initial; border-style: none; border-color: initial; width: 1%;" title="Note 8. Fair Value Measurements - F10"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Publicly traded equity securities included in other current assets (5)</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%;">2,989</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%;">2,989</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><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%;">2,227,406</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">$</td><td style="text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; width: 9%;">957,432</td><td style="text-align: left; width: 1%; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 8. Fair Value Measurements - D11"> </td><td> </td><td style="text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 8. Fair Value Measurements - F11">$</td><td style="text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; width: 9%;">1,269,974</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><div> </div> <table cellpadding="0" class="worksheetTable" style="font-size: 10pt; border-collapse: collapse; font-family: "Times New Roman", 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, 2024</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">$</td><td style="text-align: right; width: 9%;">180,445</td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - B15"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - D15">$</td><td style="text-align: right; width: 9%;">180,445</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 (3)</td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - B16"> </td><td style="text-align: right; width: 9%;">1,032,066</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%;">1,032,066</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%;">208,998</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%;">208,998</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%;">806,724</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%;">806,724</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>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%;">7,524</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%;">7,524</td><td style="text-align: left; vertical-align: bottom; width: 1%;" title="Note 8. Fair Value Measurements - F19"> </td></tr><tr><td>Other municipal debt securities (3)</td><td style="text-align: left; vertical-align: bottom; border-width: initial; border-style: none; border-color: initial; width: 1%;" title="Note 8. Fair Value Measurements - B20"> </td><td style="text-align: right; vertical-align: bottom; border-width: initial; border-style: none; border-color: initial; width: 9%;">696</td><td style="text-align: left; vertical-align: bottom; width: 1%;" title="Note 8. Fair Value Measurements - B20"> </td><td> </td><td style="text-align: left; vertical-align: bottom; border-width: initial; border-style: none; border-color: initial; width: 1%;" title="Note 8. Fair Value Measurements - D20"> </td><td style="text-align: right; vertical-align: bottom; border-width: initial; border-style: none; border-color: initial; width: 9%;">-</td><td style="text-align: left; vertical-align: bottom; width: 1%;" title="Note 8. Fair Value Measurements - D20"> </td><td> </td><td style="text-align: left; vertical-align: bottom; border-width: initial; border-style: none; border-color: initial; width: 1%;" title="Note 8. Fair Value Measurements - F20"> </td><td style="text-align: right; vertical-align: bottom; border-width: initial; border-style: none; border-color: initial; width: 9%;">696</td><td style="text-align: left; vertical-align: bottom; width: 1%;" title="Note 8. Fair Value Measurements - F20"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Publicly traded equity securities included in other current assets (5)</td><td style="text-align: left; vertical-align: bottom; border-bottom: 1px solid black; border-top: none; width: 1%;" title="Note 8. Fair Value Measurements - B20"> </td><td style="text-align: right; vertical-align: bottom; border-bottom: 1px solid black; border-top: none; width: 9%;">5,263</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 - B20"> </td><td> </td><td style="text-align: left; vertical-align: bottom; border-bottom: 1px solid black; border-top: none; width: 1%;" title="Note 8. Fair Value Measurements - D20"> </td><td style="text-align: right; vertical-align: bottom; border-bottom: 1px solid black; border-top: none; width: 9%;">5,263</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 - D20"> </td><td> </td><td style="text-align: left; vertical-align: bottom; border-bottom: 1px solid black; border-top: none; width: 1%;" title="Note 8. Fair Value Measurements - F20"> </td><td style="text-align: right; vertical-align: bottom; border-bottom: 1px solid black; border-top: none; border-right: none; 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 - F20"> </td></tr><tr><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%;">2,241,716</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">$</td><td style="text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; width: 9%;">992,432</td><td style="text-align: left; width: 1%; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 8. Fair Value Measurements - D21"> </td><td> </td><td style="text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 8. Fair Value Measurements - F21">$</td><td style="text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; width: 9%;">1,249,284</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) $29.9 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;">$24.4 million was included in cash and cash equivalents, with the difference included in short-term investments.</span></div><div style="text-align: justify;"> </div><div style="text-align: justify;">(5) Included in other current assets.</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;"> <span style="color: #000000;">Our 1.75% Notes and 0% Notes had a fair value of $604.2 million and $640.7 million at June 30, 2025, respectively. Our 1.75% Notes and 0% Notes had a fair value of $569.3 million and $612.8 million at December 31, 2024, 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.</span> </div>

<div style="text-indent: 36pt; text-align: justify;"> <span style="color: #000000;">The following tables present the major security types we held at June 30, 2025 and December 31, 2024 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" class="worksheetTable" style="font-size: 10pt; border-collapse: collapse; font-family: "Times New Roman", 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%;">June 30, 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 - 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">$</td><td style="text-align: right; width: 9%;">176,462</td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - B5"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - D5">$</td><td style="text-align: right; width: 9%;">176,462</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%;">1,066,386</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%;">1,066,386</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%;">193,822</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%;">193,822</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 (4)</td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - B8"> </td><td style="text-align: right; width: 9%;">777,981</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%;">777,981</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>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%;">9,069</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%;">9,069</td><td style="text-align: left; vertical-align: bottom; width: 1%;" title="Note 8. Fair Value Measurements - F9"> </td></tr><tr><td>Other municipal debt securities (3)</td><td style="text-align: left; border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; width: 1%;" title="Note 8. Fair Value Measurements - B10"> </td><td style="text-align: right; border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; width: 9%;">697</td><td style="text-align: left; vertical-align: bottom; border-width: initial; border-style: none; border-color: initial; width: 1%;" title="Note 8. Fair Value Measurements - B10"> </td><td> </td><td style="text-align: left; border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; width: 1%;" title="Note 8. Fair Value Measurements - D10"> </td><td style="text-align: right; border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; width: 9%;">-</td><td style="text-align: left; vertical-align: bottom; border-width: initial; border-style: none; border-color: initial; width: 1%;" title="Note 8. Fair Value Measurements - D10"> </td><td> </td><td style="text-align: left; border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; width: 1%;" title="Note 8. Fair Value Measurements - F10"> </td><td style="text-align: right; border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; width: 9%;">697</td><td style="text-align: left; vertical-align: bottom; border-width: initial; border-style: none; border-color: initial; width: 1%;" title="Note 8. Fair Value Measurements - F10"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Publicly traded equity securities included in other current assets (5)</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%;">2,989</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%;">2,989</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><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%;">2,227,406</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">$</td><td style="text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; width: 9%;">957,432</td><td style="text-align: left; width: 1%; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 8. Fair Value Measurements - D11"> </td><td> </td><td style="text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 8. Fair Value Measurements - F11">$</td><td style="text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; width: 9%;">1,269,974</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><div> </div> <table cellpadding="0" class="worksheetTable" style="font-size: 10pt; border-collapse: collapse; font-family: "Times New Roman", 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, 2024</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">$</td><td style="text-align: right; width: 9%;">180,445</td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - B15"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - D15">$</td><td style="text-align: right; width: 9%;">180,445</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 (3)</td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - B16"> </td><td style="text-align: right; width: 9%;">1,032,066</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%;">1,032,066</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%;">208,998</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%;">208,998</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%;">806,724</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%;">806,724</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>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%;">7,524</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%;">7,524</td><td style="text-align: left; vertical-align: bottom; width: 1%;" title="Note 8. Fair Value Measurements - F19"> </td></tr><tr><td>Other municipal debt securities (3)</td><td style="text-align: left; vertical-align: bottom; border-width: initial; border-style: none; border-color: initial; width: 1%;" title="Note 8. Fair Value Measurements - B20"> </td><td style="text-align: right; vertical-align: bottom; border-width: initial; border-style: none; border-color: initial; width: 9%;">696</td><td style="text-align: left; vertical-align: bottom; width: 1%;" title="Note 8. Fair Value Measurements - B20"> </td><td> </td><td style="text-align: left; vertical-align: bottom; border-width: initial; border-style: none; border-color: initial; width: 1%;" title="Note 8. Fair Value Measurements - D20"> </td><td style="text-align: right; vertical-align: bottom; border-width: initial; border-style: none; border-color: initial; width: 9%;">-</td><td style="text-align: left; vertical-align: bottom; width: 1%;" title="Note 8. Fair Value Measurements - D20"> </td><td> </td><td style="text-align: left; vertical-align: bottom; border-width: initial; border-style: none; border-color: initial; width: 1%;" title="Note 8. Fair Value Measurements - F20"> </td><td style="text-align: right; vertical-align: bottom; border-width: initial; border-style: none; border-color: initial; width: 9%;">696</td><td style="text-align: left; vertical-align: bottom; width: 1%;" title="Note 8. Fair Value Measurements - F20"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Publicly traded equity securities included in other current assets (5)</td><td style="text-align: left; vertical-align: bottom; border-bottom: 1px solid black; border-top: none; width: 1%;" title="Note 8. Fair Value Measurements - B20"> </td><td style="text-align: right; vertical-align: bottom; border-bottom: 1px solid black; border-top: none; width: 9%;">5,263</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 - B20"> </td><td> </td><td style="text-align: left; vertical-align: bottom; border-bottom: 1px solid black; border-top: none; width: 1%;" title="Note 8. Fair Value Measurements - D20"> </td><td style="text-align: right; vertical-align: bottom; border-bottom: 1px solid black; border-top: none; width: 9%;">5,263</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 - D20"> </td><td> </td><td style="text-align: left; vertical-align: bottom; border-bottom: 1px solid black; border-top: none; width: 1%;" title="Note 8. Fair Value Measurements - F20"> </td><td style="text-align: right; vertical-align: bottom; border-bottom: 1px solid black; border-top: none; border-right: none; 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 - F20"> </td></tr><tr><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%;">2,241,716</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">$</td><td style="text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; width: 9%;">992,432</td><td style="text-align: left; width: 1%; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 8. Fair Value Measurements - D21"> </td><td> </td><td style="text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 8. Fair Value Measurements - F21">$</td><td style="text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; width: 9%;">1,249,284</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) $29.9 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;">$24.4 million was included in cash and cash equivalents, with the difference included in short-term investments.</span></div><div style="text-align: justify;"> </div><div style="text-align: justify;">(5) Included in other current assets.</div>

176462000

1066386000

193822000

777981000

9069000

697000

2989000

2227406000

957432000

1269974000

180445000

1032066000

208998000

806724000

7524000

696000

5263000

2241716000

992432000

1249284000

29900000

24400000

0.0175

604200000

640700000

0.0175

569300000

612800000

<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 and six months ended June 30, 2025 and 2024 (in thousands):</span> </div> <div style="text-indent: 36pt; text-align: justify;"> </div> <table cellpadding="0" class="worksheetTable" style="font-size: 10pt; border-collapse: collapse; font-family: "Times New Roman", 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 colspan="7" style="text-align: center; font-weight: bold;">Three Months Ended</td><td> </td><td colspan="7" style="text-align: center; font-weight: bold;">Six 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;">June 30,</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;">June 30,</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 - 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%;">2025</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none;" title="Note 9. Stock-based Compensation Expense - 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 9. Stock-based Compensation Expense - 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%;">2024</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none;" title="Note 9. Stock-based Compensation Expense - D5"></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 - F5"></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;" title="Note 9. Stock-based Compensation Expense - F5"></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 - H5"></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%;">2024</td><td style="width: 1%;" title="Note 9. Stock-based Compensation Expense - H5"></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">$</td><td style="width: 9%; text-align: right;">610</td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - B6"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - D6">$</td><td style="width: 9%; text-align: right;">246</td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - D6"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - F6">$</td><td style="width: 9%; text-align: right;">710</td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - F6"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - H6">$</td><td style="width: 9%; text-align: right;">450</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none;" title="Note 9. Stock-based Compensation Expense - H6"> </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;">19,542</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;">22,766</td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - D7"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - F7"> </td><td style="width: 9%; text-align: right;">39,840</td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - F7"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - H7"> </td><td style="width: 9%; text-align: right;">44,991</td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - H7"> </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 black; 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 black; border-top: none; border-left: none; border-right: none;">9,538</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none;" title="Note 9. Stock-based Compensation Expense - B8"> </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 9. Stock-based Compensation Expense - D8"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">7,716</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none;" title="Note 9. Stock-based Compensation Expense - D8"> </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 9. Stock-based Compensation Expense - F8"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">18,858</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none;" title="Note 9. Stock-based Compensation Expense - F8"> </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 9. Stock-based Compensation Expense - H8"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">16,627</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none;" title="Note 9. Stock-based Compensation Expense - H8"> </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 black; 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 black; border-top: none; border-left: none; border-right: none;">29,690</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none;" title="Note 9. Stock-based Compensation Expense - B9"> </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 9. Stock-based Compensation Expense - D9"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">30,728</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none;" title="Note 9. Stock-based Compensation Expense - D9"> </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 9. Stock-based Compensation Expense - F9"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">59,408</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none;" title="Note 9. Stock-based Compensation Expense - F9"> </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 9. Stock-based Compensation Expense - H9"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">62,068</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none;" title="Note 9. Stock-based Compensation Expense - H9"> </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 black; 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 black; border-top: none; border-left: none; border-right: none;">509</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: 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 black; 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 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;" title="Note 9. Stock-based Compensation Expense - D10"> </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 9. Stock-based Compensation Expense - F10"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">1,000</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none;" title="Note 9. Stock-based Compensation Expense - F10"> </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 9. Stock-based Compensation Expense - H10"> </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;" title="Note 9. Stock-based Compensation Expense - H10"> </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 black; border-top: none; border-left: none; border-right: none;" title="Note 9. Stock-based Compensation Expense - B11">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;">30,199</td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 9. Stock-based Compensation Expense - B11"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 9. Stock-based Compensation Expense - D11">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;">30,728</td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 9. Stock-based Compensation Expense - D11"> </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 9. Stock-based Compensation Expense - F11">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;">60,408</td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 9. Stock-based Compensation Expense - F11"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 9. Stock-based Compensation Expense - H11">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;">62,068</td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 9. Stock-based Compensation Expense - H11"> </td></tr></table><div style="text-indent: 36pt; text-align: justify;"> </div> <div style="text-indent: 36pt; text-align: justify;"> <span style="color: #000000;">As of June 30, 2025, total unrecognized estimated stock-based compensation expense related to non-vested stock options, RSUs and PRSUs was $42.3 million, $98.7 million and $15.4 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, 1.6 years and 1.7 years, respectively.</span> </div> <div> </div> <div style="text-indent: 36pt; text-align: justify;"> <span style="color: #000000;">Refer to Part IV, Item 15, Note 1, </span><span style="color: #000000; font-style: italic;">Organization and Significant Accounting Policies</span><span style="color: #000000;">, of our audited financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2024 for further details on how we determine the fair value of stock options granted, RSUs, PRSUs and stock purchase rights under the ESPP.</span> </div> <div style="text-align: justify;"> </div> <div style="text-indent: 36pt; text-align: justify;"> <span style="color: #000000;">For the six months ended June 30, 2025 and 2024, we used the following weighted-average assumptions in our Black-Scholes calculations:</span> </div> <div> </div> <div style="text-indent: 36pt;"> <span style="color: #000000; font-style: italic;">Employee Stock Options:</span></div> <div style="text-indent: 36pt;"> </div><table cellpadding="0" class="worksheetTable" style="font-size: 10pt; border-collapse: collapse; font-family: "Times New Roman", 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;">Six 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;">June 30,</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%;">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 - 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%;">2024</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;">4.5</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;">4.1</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;">42.0</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;">43.9</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; 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" class="worksheetTable" style="font-size: 10pt; border-collapse: collapse; font-family: "Times New Roman", 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;">Six 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;">June 30,</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%;">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 - 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%;">2024</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;">4.3</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;">5.3</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;">41.3</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;">38.4</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 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 six months ended June 30, 2025 and 2024 was $32.97 and $52.60 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 2025 and 2024, 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 six months ended June 30, 2025 and 2024 was $48.81 and $78.41 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 and six months ended June 30, 2025 and 2024 (in thousands):</span> </div> <div style="text-indent: 36pt; text-align: justify;"> </div> <table cellpadding="0" class="worksheetTable" style="font-size: 10pt; border-collapse: collapse; font-family: "Times New Roman", 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 colspan="7" style="text-align: center; font-weight: bold;">Three Months Ended</td><td> </td><td colspan="7" style="text-align: center; font-weight: bold;">Six 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;">June 30,</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;">June 30,</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 - 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%;">2025</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none;" title="Note 9. Stock-based Compensation Expense - 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 9. Stock-based Compensation Expense - 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%;">2024</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none;" title="Note 9. Stock-based Compensation Expense - D5"></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 - F5"></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;" title="Note 9. Stock-based Compensation Expense - F5"></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 - H5"></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%;">2024</td><td style="width: 1%;" title="Note 9. Stock-based Compensation Expense - H5"></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">$</td><td style="width: 9%; text-align: right;">610</td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - B6"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - D6">$</td><td style="width: 9%; text-align: right;">246</td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - D6"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - F6">$</td><td style="width: 9%; text-align: right;">710</td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - F6"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - H6">$</td><td style="width: 9%; text-align: right;">450</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none;" title="Note 9. Stock-based Compensation Expense - H6"> </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;">19,542</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;">22,766</td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - D7"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - F7"> </td><td style="width: 9%; text-align: right;">39,840</td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - F7"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - H7"> </td><td style="width: 9%; text-align: right;">44,991</td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - H7"> </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 black; 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 black; border-top: none; border-left: none; border-right: none;">9,538</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none;" title="Note 9. Stock-based Compensation Expense - B8"> </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 9. Stock-based Compensation Expense - D8"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">7,716</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none;" title="Note 9. Stock-based Compensation Expense - D8"> </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 9. Stock-based Compensation Expense - F8"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">18,858</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none;" title="Note 9. Stock-based Compensation Expense - F8"> </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 9. Stock-based Compensation Expense - H8"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">16,627</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none;" title="Note 9. Stock-based Compensation Expense - H8"> </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 black; 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 black; border-top: none; border-left: none; border-right: none;">29,690</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none;" title="Note 9. Stock-based Compensation Expense - B9"> </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 9. Stock-based Compensation Expense - D9"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">30,728</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none;" title="Note 9. Stock-based Compensation Expense - D9"> </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 9. Stock-based Compensation Expense - F9"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">59,408</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none;" title="Note 9. Stock-based Compensation Expense - F9"> </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 9. Stock-based Compensation Expense - H9"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">62,068</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none;" title="Note 9. Stock-based Compensation Expense - H9"> </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 black; 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 black; border-top: none; border-left: none; border-right: none;">509</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: 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 black; 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 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;" title="Note 9. Stock-based Compensation Expense - D10"> </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 9. Stock-based Compensation Expense - F10"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">1,000</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none;" title="Note 9. Stock-based Compensation Expense - F10"> </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 9. Stock-based Compensation Expense - H10"> </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;" title="Note 9. Stock-based Compensation Expense - H10"> </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 black; border-top: none; border-left: none; border-right: none;" title="Note 9. Stock-based Compensation Expense - B11">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;">30,199</td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 9. Stock-based Compensation Expense - B11"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 9. Stock-based Compensation Expense - D11">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;">30,728</td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 9. Stock-based Compensation Expense - D11"> </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 9. Stock-based Compensation Expense - F11">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;">60,408</td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 9. Stock-based Compensation Expense - F11"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 9. Stock-based Compensation Expense - H11">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;">62,068</td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 9. Stock-based Compensation Expense - H11"> </td></tr></table>

610000

246000

710000

450000

19542000

22766000

39840000

44991000

9538000

7716000

18858000

16627000

29690000

30728000

59408000

62068000

509000

1000000

30199000

30728000

60408000

62068000

42300000

98700000

15400000

P1Y3M18D

P1Y7M6D

P1Y8M12D

<div style="text-indent: 36pt;"> <span style="color: #000000; font-style: italic;">Employee Stock Options:</span></div> <div style="text-indent: 36pt;"> </div><table cellpadding="0" class="worksheetTable" style="font-size: 10pt; border-collapse: collapse; font-family: "Times New Roman", 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;">Six 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;">June 30,</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%;">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 - 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%;">2024</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;">4.5</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;">4.1</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;">42.0</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;">43.9</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>

0.045

0.041

0.42

0.439

P6Y3M18D

<div style="text-indent: 36pt; 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" class="worksheetTable" style="font-size: 10pt; border-collapse: collapse; font-family: "Times New Roman", 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;">Six 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;">June 30,</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%;">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 - 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%;">2024</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;">4.3</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;">5.3</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;">41.3</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;">38.4</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>

0.043

0.053

0.413

0.384

P6Y

32.97

52.6

P3Y

0 0 0 0 2 2

48.81

78.41

<div style="text-indent: -36pt; padding-left: 36pt;"> <span style="color: #000000; font-weight: bold;">10. Income Taxes</span> </div> <div> </div> <div style="text-indent: 36pt; text-align: justify;"> <span style="color: #000000;">We recorded nominal income tax provisions for the three and six months ended June 30, 2025 and 2024.</span></div> <div style="text-align: justify;"> </div> <div style="text-indent: 36pt; line-height: 1.15; text-align: justify;">In July 2025, the One Big Beautiful Bill Act, or OBBBA, was signed into law, introducing significant changes to U.S. federal tax law. The new law restores current expensing of domestic R&D costs and allows us to accelerate the deduction for a significant amount of such costs capitalized since 2022. The law also permanently allows one hundred percent bonus depreciation for qualified business property, including machinery, equipment and certain improvements to nonresidential real property. The impact of the tax law changes from the OBBBA, which we do not anticipate will have a material effect on our 2025 effective tax rate, will be included in our financial statements beginning in the third quarter of 2025.</div><div style="text-align: justify;"> </div><div style="text-indent: 36pt; text-align: justify;"> <span style="color: #000000;">We continue to maintain a full valuation allowance on all of our net deferred tax assets.</span> </div>

<div> <span style="font-weight: bold;">11. 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 $10.4 million, which we are amortizing over the estimated life of the arrangement using the effective interest rate method. We recognize royalty revenue in the period in which the counterparty sells the related product and recognizes the related revenue. We record royalty payments made to Royalty Pharma as a reduction of the liability.</span> </div> <div> </div> <div style="text-indent: 36pt; text-align: justify;"> <span style="color: #000000;">We determine the effective interest rate used to record interest expense under this agreement based on an estimate of future royalty payments to Royalty Pharma. As of June 30, 2025 and 2024, the estimated effective interest rate under the agreement was 12.7 percent and 13.5 percent, respectively.</span> </div><div style="text-indent: 36pt; line-height: 1.15; text-align: justify;"> <span style="color: #000000;">The following table sets forth information on our liability related to sale of future royalties (in thousands):</span> </div> <div style="text-align: justify;"> </div><table cellpadding="0" class="worksheetTable" style="font-size: 10pt; border-collapse: collapse; font-family: "Times New Roman", Times, serif; width: 100%; vertical-align: bottom; border-spacing: 0px;"><tr style="background-color: rgb(204, 238, 255);"><td>Liability related to sale of future royalties, net as of December 31, 2024</td><td style="width: 1%; text-align: left;" title="Note 11. Liability Related to Sale of Future Royalties - B4">$</td><td style="width: 9%; text-align: right;">542,212</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;">(24,894</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;">37,165</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;">305</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 June 30, 2025</td><td style="width: 1%; text-align: left;" title="Note 11. Liability Related to Sale of Future Royalties - B8">$</td><td style="width: 9%; text-align: right;">554,788</td><td style="width: 1%; text-align: left;" title="Note 11. Liability Related to Sale of Future Royalties - B8"> </td></tr><tr><td>Less: Current portion (1)</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none;" title="Note 11. Liability Related to Sale of Future Royalties - B9"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-right: none;">(13,583</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 11. Liability Related to Sale of Future Royalties - B9">) </td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Liability related to sale of future royalties, net as of June 30, 2025 – Non-current</td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 11. Liability Related to Sale of Future Royalties - B10">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;">541,205</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; 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

0.127

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" class="worksheetTable" style="font-size: 10pt; border-collapse: collapse; font-family: "Times New Roman", 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, 2024</td><td style="width: 1%; text-align: left;" title="Note 11. Liability Related to Sale of Future Royalties - B4">$</td><td style="width: 9%; text-align: right;">542,212</td><td style="width: 1%; text-align: left;" title="Note 11. Liability Related to Sale of Future Royalties - B4"> </td></tr><tr><td>Royalty payments to Royalty Pharma</td><td style="width: 1%; text-align: left;" title="Note 11. Liability Related to Sale of Future Royalties - B5"> </td><td style="width: 9%; text-align: right;">(24,894</td><td style="width: 1%; text-align: left;" title="Note 11. Liability Related to Sale of Future Royalties - B5">) </td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Interest expense related to sale of future royalties</td><td style="width: 1%; text-align: left;" title="Note 11. Liability Related to Sale of Future Royalties - B6"> </td><td style="width: 9%; text-align: right;">37,165</td><td style="width: 1%; text-align: left;" title="Note 11. Liability Related to Sale of Future Royalties - B6"> </td></tr><tr><td>Amortization of issuance costs related to sale of future royalties</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none;" title="Note 11. Liability Related to Sale of Future Royalties - B7"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none;">305</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 11. Liability Related to Sale of Future Royalties - B7"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Liability related to sale of future royalties, net as of June 30, 2025</td><td style="width: 1%; text-align: left;" title="Note 11. Liability Related to Sale of Future Royalties - B8">$</td><td style="width: 9%; text-align: right;">554,788</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;">(13,583</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 June 30, 2025 – 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;">541,205</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>

542212000 24894000 37165000 305000 554788000 13583000 541205000

<div> <span style="font-weight: bold;">12. Convertible Debt</span> </div> <div style="font-size: 9pt;"> </div> <div style="text-indent: 36pt; text-align: justify;"> <span style="color: #000000; font-style: italic;">1.75 Percent Convertible Senior Notes</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. We used $532.7 million of the net proceeds from the issuance of our 1.75% Notes to repurchase and settle our 0.125% Notes, which matured in December 2024.</span> </div> <div style="text-align: justify;"> </div> <div style="text-indent: 36pt; text-align: justify;"> <span>At June 30, 2025, we had the following 1.75% Notes outstanding (in millions except interest rate and price per share data):</span> </div> <div style="text-align: justify; color: #000000;"> </div> <div> </div> <table cellpadding="0" class="worksheetTable" style="font-size: 10pt; border-collapse: collapse; font-family: "Times New Roman", Times, serif; width: 100%; vertical-align: bottom; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr><td> </td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 12. Convertible Debt - B4"></td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">1.75% Notes</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 12. Convertible Debt - B4"></td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Outstanding principal balance</td><td style="text-align: left; width: 1%;" title="Note 12. Convertible Debt - B5">$</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">$</td><td style="text-align: right; width: 9%;">8.6</td><td style="text-align: left; width: 1%;" title="Note 12. Convertible Debt - B6"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Maturity date</td><td style="width: 1%;" title="Note 12. Convertible Debt - B7"></td><td style="text-align: right; width: 9%;"><div style="-sec-ix-hidden: hidden-fact-2">June 2028</div></td><td style="width: 1%;" title="Note 12. Convertible Debt - B7"></td></tr><tr><td>Interest rate</td><td style="text-align: left; width: 1%;" title="Note 12. Convertible Debt - B8"> </td><td style="text-align: right; width: 9%;">1.75</td><td style="text-align: left; width: 1%;" title="Note 12. Convertible Debt - B8">%</td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Effective interest rate</td><td style="text-align: left; width: 1%;" title="Note 12. Convertible Debt - B9">$</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> </div><div style="text-indent: 36pt; text-align: justify;"> <span style="color: #000000; font-style: italic;">0 Percent Convertible Senior Notes 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. We used $319.0 million of the net proceeds from the issuance of our 0% Notes to pay the remaining $309.9 million principal balance of our 1 percent convertible senior notes, or 1% Notes, in 2021. </span></div> <div style="text-align: justify;"> </div> <div style="text-indent: 36pt; text-align: justify;"> <span>At June 30, 2025, we had the following </span><span style="font-family: Times;">0%</span><span> Notes outstanding (in millions except interest rate and price per share data):</span> </div> <div style="text-align: justify; color: #000000;"> </div> <div style="text-align: justify; color: #000000;"> </div> <table cellpadding="0" class="worksheetTable" style="font-size: 10pt; border-collapse: collapse; font-family: "Times New Roman", Times, serif; width: 100%; vertical-align: bottom; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr><td> </td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 12. Convertible Debt - B15"></td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">0% Notes</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 12. Convertible Debt - B15"></td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Outstanding principal balance</td><td style="text-align: left; width: 1%;" title="Note 12. Convertible Debt - B16">$</td><td style="text-align: right; width: 9%;">632.5</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">$</td><td style="text-align: right; width: 9%;">2.4</td><td style="text-align: left; width: 1%;" title="Note 12. Convertible Debt - B17"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Maturity date</td><td style="width: 1%;" title="Note 12. Convertible Debt - B18"></td><td style="text-align: right; width: 9%;"><div style="-sec-ix-hidden: hidden-fact-3">April 2026</div></td><td style="width: 1%;" title="Note 12. Convertible Debt - B18"></td></tr><tr><td>Interest rate</td><td style="text-align: left; width: 1%;" title="Note 12. Convertible Debt - B19"> </td><td style="text-align: right; width: 9%;">0</td><td style="text-align: left; width: 1%;" title="Note 12. Convertible Debt - B19">%</td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Effective interest rate</td><td style="text-align: left; width: 1%;" title="Note 12. Convertible Debt - B20"> </td><td style="text-align: right; width: 9%;">0.5</td><td style="text-align: left; width: 1%;" title="Note 12. Convertible Debt - B20">%</td></tr><tr><td>Conversion price per share</td><td style="text-align: left; width: 1%;" title="Note 12. Convertible Debt - B21">$</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%;">10.9</td><td style="text-align: left; width: 1%;" title="Note 12. Convertible Debt - B23"> </td></tr></table><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 by increasing the effective conversion price on our <span style="font-family: Times;">0%</span> Notes. 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. 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, our note hedges are subject to adjustment. Additionally, our note hedges are exercisable upon conversion of the <span style="font-family: Times;">0%</span> Notes. The note hedges will expire upon maturity of the <span style="font-family: Times;">0%</span> Notes, or April 2026. The warrants will 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. The holders of the <span style="font-family: Times;">0%</span> Notes 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, 2024 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;"> <span style="color: #000000;">The 1.75% and 0% Notes 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.</span> </div>

0.0175

575000000

0.0175

532700000

0.0175

0.00125

<div style="text-indent: 36pt; text-align: justify;"> <span>At June 30, 2025, we had the following 1.75% Notes outstanding (in millions except interest rate and price per share data):</span> </div> <div style="text-align: justify; color: #000000;"> </div> <div> </div> <table cellpadding="0" class="worksheetTable" style="font-size: 10pt; border-collapse: collapse; font-family: "Times New Roman", 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; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">1.75% Notes</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%;">8.6</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-2">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

8600000

0.0175

0.023

53.73

10700000

632500000

319000000

309900000

0.01

<div style="text-indent: 36pt; text-align: justify;"> <span>At June 30, 2025, we had the following </span><span style="font-family: Times;">0%</span><span> Notes outstanding (in millions except interest rate and price per share data):</span> </div> <div style="text-align: justify; color: #000000;"> </div> <div style="text-align: justify; color: #000000;"> </div> <table cellpadding="0" class="worksheetTable" style="font-size: 10pt; border-collapse: collapse; font-family: "Times New Roman", 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; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">0% Notes</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">$</td><td style="text-align: right; width: 9%;">632.5</td><td style="text-align: left; width: 1%;" title="Note 12. Convertible Debt - B16"> </td></tr><tr><td>Unamortized debt issuance costs</td><td style="text-align: left; width: 1%;" title="Note 12. Convertible Debt - B17">$</td><td style="text-align: right; width: 9%;">2.4</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-3">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%;">10.9</td><td style="text-align: left; width: 1%;" title="Note 12. Convertible Debt - B23"> </td></tr></table>

632500000

2400000

0.005

57.84

76.39 10900000

76.39

46900000

136700000

89800000

0.0175

1 1

<div> <span style="font-weight: bold;">13. 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;"> <span style="color: #000000;">There are no pending material legal proceedings to which we are a party or of which our property is the subject.</span></div>

<div> <span style="font-weight: bold;">14. 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-4">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. As 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&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-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" class="worksheetTable" style="font-size: 10pt; border-collapse: collapse; font-family: "Times New Roman", 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 colspan="7" style="text-align: center; font-weight: bold;">Three Months Ended</td><td> </td><td colspan="7" style="text-align: center; font-weight: bold;">Six 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;">June 30,</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;">June 30,</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%;">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 - 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%;">2024</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><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 - F5"></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 - F5"></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 - H5"></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%;">2024</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 14. Segment Information - H5"></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">$</td><td style="width: 9%; text-align: right;">452,049</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - B6"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - D6">$</td><td style="width: 9%; text-align: right;">225,250</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - D6"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - F6">$</td><td style="width: 9%; text-align: right;">583,660</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - F6"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - H6">$</td><td style="width: 9%; text-align: right;">344,748</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - H6"> </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><td> </td><td style="width: 1%;" title="Note 14. Segment Information - F7"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 14. Segment Information - F7"></td><td> </td><td style="width: 1%;" title="Note 14. Segment Information - H7"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 14. Segment Information - H7"></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><td> </td><td style="width: 1%;" title="Note 14. Segment Information - F8"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 14. Segment Information - F8"></td><td> </td><td style="width: 1%;" title="Note 14. Segment Information - H8"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 14. Segment Information - H8"></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;">3,541</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;">3,951</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - D9"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - F9"> </td><td style="width: 9%; text-align: right;">4,904</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - F9"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - H9"> </td><td style="width: 9%; text-align: right;">5,903</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - H9"> </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;">30,255</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;">26,691</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - D10"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - F10"> </td><td style="width: 9%; text-align: right;">57,244</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - F10"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - H10"> </td><td style="width: 9%; text-align: right;">54,862</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - H10"> </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;">117,689</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;">134,199</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - D11"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - F11"> </td><td style="width: 9%; text-align: right;">230,635</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - F11"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - H11"> </td><td style="width: 9%; text-align: right;">259,951</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - H11"> </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;">7,826</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;">7,092</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - D12"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - F12"> </td><td style="width: 9%; text-align: right;">13,468</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - F12"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - H12"> </td><td style="width: 9%; text-align: right;">11,768</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - H12"> </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;">21,545</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;">14,195</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - D13"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - F13"> </td><td style="width: 9%; text-align: right;">35,826</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - F13"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - H13"> </td><td style="width: 9%; text-align: right;">25,636</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - H13"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td style="padding-left: 10px;">R&D support</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - B14"> </td><td style="width: 9%; text-align: right;">20,607</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;">17,067</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - D14"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - F14"> </td><td style="width: 9%; text-align: right;">41,159</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - F14"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - H14"> </td><td style="width: 9%; text-align: right;">39,013</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - H14"> </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;">81,081</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;">57,418</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - D15"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - F15"> </td><td style="width: 9%; text-align: right;">148,061</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - F15"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - H15"> </td><td style="width: 9%; text-align: right;">101,151</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - H15"> </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;">45,954</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;">30,902</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> </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 - F16"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">75,750</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 - 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;" title="Note 14. Segment Information - H16"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">55,532</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 - H16"> </td></tr><tr><td>Consolidated net income (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">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;">123,551</td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 14. Segment Information - B17"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 14. Segment Information - D17">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;">(66,265</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> </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 - F17">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;">(23,387</td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 14. Segment Information - F17">) </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 14. Segment Information - H17">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;">(209,068</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 - H17">) </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" class="worksheetTable" style="font-size: 10pt; border-collapse: collapse; font-family: "Times New Roman", 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 colspan="7" style="text-align: center; font-weight: bold;">Three Months Ended</td><td> </td><td colspan="7" style="text-align: center; font-weight: bold;">Six 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;">June 30,</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;">June 30,</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%;">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 - 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%;">2024</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><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 - F5"></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 - F5"></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 - H5"></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%;">2024</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 14. Segment Information - H5"></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">$</td><td style="width: 9%; text-align: right;">452,049</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - B6"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - D6">$</td><td style="width: 9%; text-align: right;">225,250</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - D6"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - F6">$</td><td style="width: 9%; text-align: right;">583,660</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - F6"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - H6">$</td><td style="width: 9%; text-align: right;">344,748</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - H6"> </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><td> </td><td style="width: 1%;" title="Note 14. Segment Information - F7"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 14. Segment Information - F7"></td><td> </td><td style="width: 1%;" title="Note 14. Segment Information - H7"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 14. Segment Information - H7"></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><td> </td><td style="width: 1%;" title="Note 14. Segment Information - F8"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 14. Segment Information - F8"></td><td> </td><td style="width: 1%;" title="Note 14. Segment Information - H8"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 14. Segment Information - H8"></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;">3,541</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;">3,951</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - D9"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - F9"> </td><td style="width: 9%; text-align: right;">4,904</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - F9"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - H9"> </td><td style="width: 9%; text-align: right;">5,903</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - H9"> </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;">30,255</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;">26,691</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - D10"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - F10"> </td><td style="width: 9%; text-align: right;">57,244</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - F10"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - H10"> </td><td style="width: 9%; text-align: right;">54,862</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - H10"> </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;">117,689</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;">134,199</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - D11"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - F11"> </td><td style="width: 9%; text-align: right;">230,635</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - F11"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - H11"> </td><td style="width: 9%; text-align: right;">259,951</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - H11"> </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;">7,826</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;">7,092</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - D12"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - F12"> </td><td style="width: 9%; text-align: right;">13,468</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - F12"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - H12"> </td><td style="width: 9%; text-align: right;">11,768</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - H12"> </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;">21,545</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;">14,195</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - D13"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - F13"> </td><td style="width: 9%; text-align: right;">35,826</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - F13"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - H13"> </td><td style="width: 9%; text-align: right;">25,636</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - H13"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td style="padding-left: 10px;">R&D support</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - B14"> </td><td style="width: 9%; text-align: right;">20,607</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;">17,067</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - D14"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - F14"> </td><td style="width: 9%; text-align: right;">41,159</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - F14"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - H14"> </td><td style="width: 9%; text-align: right;">39,013</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - H14"> </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;">81,081</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;">57,418</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - D15"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - F15"> </td><td style="width: 9%; text-align: right;">148,061</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - F15"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - H15"> </td><td style="width: 9%; text-align: right;">101,151</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - H15"> </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;">45,954</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;">30,902</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> </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 - F16"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">75,750</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 - 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;" title="Note 14. Segment Information - H16"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">55,532</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 - H16"> </td></tr><tr><td>Consolidated net income (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">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;">123,551</td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 14. Segment Information - B17"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 14. Segment Information - D17">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;">(66,265</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> </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 - F17">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;">(23,387</td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 14. Segment Information - F17">) </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 14. Segment Information - H17">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;">(209,068</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 - H17">) </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>

452049000

225250000

583660000

344748000

3541000

3951000

4904000

5903000

30255000 26691000 57244000 54862000 117689000 134199000 230635000 259951000 7826000 7092000 13468000 11768000 21545000 14195000 35826000 25636000 20607000 17067000 41159000 39013000

81081000

57418000

148061000

101151000

45954000

30902000

75750000

55532000

123551000

-66265000

-23387000

-209068000

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 June 30, 2025, 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 cellpadding="0" class="worksheetTable" style="font-size: 10pt; color: inherit; vertical-align: bottom; font-family: "Times New Roman", Times, serif; width: 100%; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td style="width: 25%;"></td><td style="width: 6%;"></td><td style="width: 1%;"></td><td style="width: 6%;"></td><td style="width: 1%;"></td><td style="width: 6%;"></td><td style="width: 1%;"></td><td style="width: 6%;"></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: 38%;"></td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td colspan="3" style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">Trading Arrangement</td><td> </td><td style="width: 1%;" title="Item 5. Trading Plans - J4"></td><td style="text-align: center; font-weight: bold; border-width: initial; border-style: none; border-color: initial; width: 9%;"></td><td style="width: 1%;" title="Item 5. Trading Plans - J4"></td><td> </td><td> </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;">Action</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;">Date</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;">Rule 10b5-1*</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;">Non-Rule 10b5-1**</td><td> </td><td style="width: 1%;" title="Item 5. Trading Plans - J5"></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%;">Total Shares To Be Sold</td><td style="width: 1%;" title="Item 5. Trading Plans - J5"></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;">Expiration Date</td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Frank Bennett, EVP, Chief Scientific Officer</td><td style="text-align: center;">Termination</td><td> </td><td style="text-align: center;">May 6, 2025</td><td> </td><td style="text-align: center;">X</td><td> </td><td> </td><td> </td><td style="width: 1%; text-align: left;" title="Item 5. Trading Plans - J6"> </td><td style="width: 9%; text-align: right;">104,079</td><td style="width: 1%; text-align: left;" title="Item 5. Trading Plans - J6"> </td><td> </td><td>Upon the execution of all instructions included in the plan</td></tr><tr><td>Joseph Baroldi, EVP, Chief Business Officer</td><td style="text-align: center;"><span style="-sec-ix-hidden: hidden-fact-5">Adoption</span></td><td> </td><td style="text-align: center;">May 2, 2025</td><td> </td><td style="text-align: center;">X</td><td> </td><td> </td><td> </td><td style="width: 1%; text-align: left;" title="Item 5. Trading Plans - J7"> </td><td style="width: 9%; text-align: right;">87,874</td><td style="width: 1%; text-align: left;" title="Item 5. Trading Plans - J7"> </td><td> </td><td>The earlier to occur of (i) August 3, 2026, and (ii) Upon the execution of all instructions provided in the plan</td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Patrick O' Neil, EVP, Chief Legal Officer and General Counsel</td><td style="text-align: center;"><span style="-sec-ix-hidden: hidden-fact-6">Adoption</span></td><td> </td><td style="text-align: center;">May 2, 2025</td><td> </td><td style="text-align: center;">X</td><td> </td><td> </td><td> </td><td style="width: 1%; text-align: left;" title="Item 5. Trading Plans - J8"> </td><td style="width: 9%; text-align: right;">237,477</td><td style="width: 1%; text-align: left;" title="Item 5. Trading Plans - J8"> </td><td> </td><td>The earlier to occur of (i) August 3, 2026, and (ii) Upon the execution of all instructions provided in the plan</td></tr><tr><td>Eugene Schneider, EVP, Chief Clinical Development and Operations Officer</td><td style="text-align: center;"><span style="-sec-ix-hidden: hidden-fact-7">Adoption</span></td><td> </td><td style="text-align: center;">May 2, 2025</td><td> </td><td style="text-align: center;">X</td><td> </td><td> </td><td> </td><td style="width: 1%; text-align: left;" title="Item 5. Trading Plans - J9"> </td><td style="width: 9%; text-align: right;">38,756</td><td style="width: 1%; text-align: left;" title="Item 5. Trading Plans - J9"> </td><td> </td><td>The earlier to occur of (i) August 3, 2026, and (ii) Upon the execution of all instructions provided in the plan</td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Richard Geary, EVP, Chief Development Officer</td><td style="text-align: center;"><span style="-sec-ix-hidden: hidden-fact-8">Adoption</span></td><td> </td><td style="text-align: center;">May 6, 2025</td><td> </td><td style="text-align: center;">X</td><td> </td><td> </td><td> </td><td style="width: 1%; text-align: left;" title="Item 5. Trading Plans - J10"> </td><td style="width: 9%; text-align: right;">220,870</td><td style="width: 1%; text-align: left;" title="Item 5. Trading Plans - J10"> </td><td> </td><td>The earlier to occur of (i) July 31, 2026, and (ii) Upon the execution of all instructions provided in the plan</td></tr><tr><td>B. Lynne Parshall, Board Member</td><td style="text-align: center;"><span style="-sec-ix-hidden: hidden-fact-9">Adoption</span></td><td> </td><td style="text-align: center;">May 6, 2025</td><td> </td><td style="text-align: center;">X</td><td> </td><td> </td><td> </td><td style="width: 1%; text-align: left;" title="Item 5. Trading Plans - J11"> </td><td style="width: 9%; text-align: right;">41,993</td><td style="width: 1%; text-align: left;" title="Item 5. Trading Plans - J11"> </td><td> </td><td>The earlier to occur of (i) May 31, 2026, and (ii) Upon the execution of all instructions provided in the plan</td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Frank Bennett, EVP, Chief Scientific Officer</td><td style="text-align: center;"><span style="-sec-ix-hidden: hidden-fact-10">Adoption</span></td><td> </td><td style="text-align: center;">May 13, 2025</td><td> </td><td style="text-align: center;">X</td><td> </td><td> </td><td> </td><td style="width: 1%; text-align: left;" title="Item 5. Trading Plans - J12"> </td><td style="width: 9%; text-align: right;">67,800</td><td style="width: 1%; text-align: left;" title="Item 5. Trading Plans - J12"> </td><td> </td><td>The earlier to occur of (i) August 17, 2026, and (ii) Upon the execution of all instructions provided in the plan</td></tr></table> false false false false false false true Frank Bennett Chief Scientific Officer May 6, 2025 May 6, 2025 true 104079 Joseph Baroldi Chief Business Officer May 2, 2025 true 87874 August 3, 2026 Patrick O' Neil Chief Legal Officer and General Counsel May 2, 2025 true 237477 August 3, 2026 Eugene Schneider Chief Clinical Development and Operations Officer May 2, 2025 true 38756 August 3, 2026 Richard Geary Chief Development Officer May 6, 2025 true 220870 July 31, 2026 B. Lynne Parshall Board Member May 6, 2025 true 41993 May 31, 2026 Frank Bennett Chief Scientific Officer May 13, 2025 true 67800 August 17, 2026

P3Y6M

2028-06-30

2026-04-30

P459D P459D P459D P452D P391D P462D 0000874015 false Q2 --12-31 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 six months ended June 30, 2025, we recorded a $2.3 million net unrealized loss in our condensed consolidated statements of operations related to changes in the fair value of our 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 six months ended June 30, 2025, the amortized cost of our privately held equity securities decreased because we recorded a loss of $18.2 million in our condensed consolidated statements of operations related to an impairment of our investment in a privately held company. Included in cash and cash equivalents. $29.9 million was included in cash and cash equivalents, with the difference included in short-term investments. Included in short-term investments. $24.4 million was included in cash and cash equivalents, with the difference included in short-term investments. Included in other current assets.