Investments in Marketable Debt Securities, Available-for-Sale (Tables)
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9 Months Ended |
Sep. 30, 2025 |
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| Investments, Debt and Equity Securities [Abstract] |
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| Schedule of Amortized Cost, Allowance for Credit Losses, Gross Unrealized Gains/Losses in Accumulated Other Comprehensive Income/Loss and Fair Value of Marketable Securities, Available-for-Sale, by Type of Security |
Amortized cost, allowance for credit losses, gross unrealized gains (losses) in accumulated other comprehensive income (loss) and fair value of marketable debt securities, available-for-sale, by type of security consisted of the following (in thousands):
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September 30, 2025 |
|
Amortized
Cost |
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Allowance
for Credit
Losses |
|
Gross
Unrealized
Gains |
|
Gross
Unrealized
Losses |
|
Fair
Value |
| Short-term investments: |
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| U.S. treasuries |
$ |
11,927 |
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|
$ |
— |
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|
$ |
3 |
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|
$ |
— |
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|
$ |
11,930 |
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| Corporate debt |
113,974 |
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— |
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|
38 |
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(35) |
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|
113,977 |
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| Asset-backed securities (“ABS”) and other |
3,512 |
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— |
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1 |
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— |
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$ |
3,513 |
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$ |
129,413 |
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$ |
— |
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$ |
42 |
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$ |
(35) |
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$ |
129,420 |
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| Long-term investments: |
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| U.S. treasuries |
$ |
29,058 |
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$ |
— |
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$ |
160 |
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$ |
(21) |
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$ |
29,197 |
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| U.S. government sponsored entities |
2,846 |
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— |
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15 |
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(50) |
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|
2,811 |
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| Corporate debt |
45,252 |
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— |
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|
571 |
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(475) |
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|
45,348 |
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| Asset-backed securities (“ABS”) and other |
57,411 |
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— |
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|
511 |
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(559) |
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|
57,363 |
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$ |
134,567 |
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|
$ |
— |
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$ |
1,257 |
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$ |
(1,105) |
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$ |
134,719 |
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December 31, 2024 |
|
Amortized
Cost |
|
Allowance
for Credit
Losses |
|
Gross
Unrealized
Gains |
|
Gross
Unrealized
Losses |
|
Fair
Value |
| Short-term investments: |
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| U.S. treasuries |
$ |
29,515 |
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|
$ |
— |
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|
$ |
20 |
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$ |
(18) |
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$ |
29,517 |
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| Corporate debt |
160,152 |
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— |
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55 |
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(57) |
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160,150 |
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$ |
189,667 |
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|
$ |
— |
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$ |
75 |
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$ |
(75) |
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$ |
189,667 |
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| Long-term investments: |
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| U.S. treasuries |
$ |
819 |
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|
$ |
— |
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|
$ |
— |
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|
$ |
(46) |
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|
$ |
773 |
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| U.S. government sponsored entities |
996 |
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— |
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3 |
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(70) |
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|
929 |
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| Corporate debt |
31,820 |
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— |
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|
139 |
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(1,025) |
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|
30,934 |
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| ABS and other |
18,731 |
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— |
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|
114 |
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(334) |
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18,511 |
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$ |
52,366 |
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$ |
— |
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$ |
256 |
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$ |
(1,475) |
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$ |
51,147 |
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| Schedule of Available-for-sale Marketable Debt Securities in a Continuous Unrealized Loss Position |
The Company’s investments in marketable debt securities, available-for-sale, that have been in a continuous unrealized loss position, for which an allowance for credit losses has not been recorded, by type of security consisted of the following (in thousands):
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September 30, 2025 |
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Less than 12 months |
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12 months or greater |
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Total |
|
Fair
Value |
|
Gross
Unrealized
Losses |
|
Fair
Value |
|
Gross
Unrealized
Losses |
|
Fair
Value(1)
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|
Gross
Unrealized
Losses |
| U.S. treasuries |
$ |
— |
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|
$ |
— |
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$ |
780 |
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$ |
(21) |
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$ |
780 |
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|
$ |
(21) |
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| U.S. government sponsored entities |
1,899 |
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(1) |
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421 |
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(49) |
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2,320 |
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(50) |
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| Corporate debt |
37,432 |
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(8) |
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13,498 |
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(502) |
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50,930 |
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(510) |
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| ABS and other |
10,136 |
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(320) |
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3,261 |
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(239) |
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13,397 |
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(559) |
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$ |
49,467 |
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$ |
(329) |
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$ |
17,960 |
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$ |
(811) |
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$ |
67,427 |
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$ |
(1,140) |
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December 31, 2024 |
|
Less than 12 months |
|
12 months or greater |
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Total |
|
Fair
Value |
|
Gross
Unrealized
Losses |
|
Fair
Value |
|
Gross
Unrealized
Losses |
|
Fair
Value(1)
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|
Gross
Unrealized
Losses |
| U.S. treasuries |
$ |
— |
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|
$ |
— |
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|
$ |
10,050 |
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$ |
(64) |
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$ |
10,050 |
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|
$ |
(64) |
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| U.S. government sponsored entities |
— |
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— |
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|
432 |
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(70) |
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|
432 |
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(70) |
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| Corporate debt |
15,654 |
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(46) |
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25,520 |
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(1,036) |
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41,174 |
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(1,082) |
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| ABS and other |
6,393 |
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(70) |
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4,333 |
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(264) |
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10,726 |
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(334) |
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$ |
22,047 |
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$ |
(116) |
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$ |
40,335 |
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|
$ |
(1,434) |
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$ |
62,382 |
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$ |
(1,550) |
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(1)The fair value excludes accrued interest receivable.
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| Schedule of Gross Realized Gains and Losses from Sale of Available for Sale Marketable Debt Securities |
Gross realized gains and losses from the sales of the Company’s marketable debt securities, available-for-sale, consisted of the following (in thousands):
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Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
|
2025 |
|
2024 |
|
2025 |
|
2024 |
Gross realized gains (1)
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$ |
— |
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$ |
— |
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$ |
8 |
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$ |
— |
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Gross realized losses (1)
|
$ |
— |
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|
$ |
— |
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|
$ |
— |
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|
$ |
— |
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| Schedule of Amortized Cost and Fair Value of Marketable Debt Securities, Available-for-Sale, by Contractual Maturity |
Amortized cost and fair value of marketable debt securities, available-for-sale, by contractual maturity consisted of the following (in thousands, except weighted average data):
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September 30, 2025 |
|
December 31, 2024 |
|
Amortized
Cost |
|
Fair Value |
|
Amortized
Cost |
|
Fair Value |
| Due in one year or less |
$ |
129,413 |
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$ |
129,420 |
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$ |
189,667 |
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$ |
189,667 |
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| Due after one year through five years |
75,775 |
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|
76,221 |
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|
26,315 |
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|
25,944 |
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| Due after five years through ten years |
17,528 |
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|
17,535 |
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|
11,246 |
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|
10,716 |
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| Due after ten years |
41,264 |
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|
40,963 |
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|
14,805 |
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|
14,487 |
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$ |
263,980 |
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$ |
264,139 |
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$ |
242,033 |
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$ |
240,814 |
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| Weighted average contractual maturity |
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5.8 years |
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2.3 years |
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