Investments

12 Months Ended

Dec. 31, 2025

Note 8. Investments

The following is a summary of the Company’s investments that are classified as held-to-maturity:


			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value

	(in thousands)
Corporate and agency bonds (due within 1 year)	$	95,981	$	39	$	(60)	$	95,960
Municipal bonds (due within 1 year)		124		—		—		124
Total investments as of December 31, 2025	$	96,105	$	39	$	(60)	$	96,084

Corporate and agency bonds (due within 1 year)	$	42,907	$	34	$	(25)	$	42,916
Corporate and agency bonds (due within 1 to 3 years)		10,867		—		(6)		10,861
Municipal bonds (due within 1 year)		199		—		(1)		198
Total investments as of December 31, 2024	$	53,973	$	34	$	(32)	$	53,975

At each reporting period, the Company evaluates securities for impairment when the fair value of the investment is less than its amortized cost. The Company evaluated the underlying credit quality and credit ratings of the issuers, identifying neither a significant deterioration since purchase nor any other factors that would indicate a material credit loss.

The Company measures expected credit losses on held-to-maturity investments on a collective basis. All the Company’s held-to-maturity investments were considered to be one pool. The estimate for credit losses considers historical loss information that is adjusted for current conditions and reasonable and supportable forecasts. Expected credit losses on held-to-maturity investments were not material to the consolidated financial statements.

Amphastar Pharmaceuticals, Inc. 10-K