Investments in Marketable Debt Securities, Available-for-Sale (Tables)
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3 Months Ended |
Mar. 31, 2026 |
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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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March 31, 2026 |
|
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 |
$ |
2,002 |
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|
$ |
— |
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$ |
1 |
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|
$ |
— |
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|
$ |
2,003 |
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| Corporate debt |
54,558 |
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— |
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5 |
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(39) |
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54,524 |
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$ |
56,560 |
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$ |
— |
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$ |
6 |
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$ |
(39) |
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$ |
56,527 |
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| Long-term investments: |
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| U.S. treasuries |
$ |
27,049 |
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$ |
— |
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$ |
30 |
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$ |
(37) |
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$ |
27,042 |
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| U.S. government sponsored entities |
2,427 |
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— |
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13 |
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(50) |
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2,390 |
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| Corporate debt |
51,265 |
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— |
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285 |
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(537) |
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51,013 |
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| Asset-backed securities (“ABS”) and other |
61,581 |
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— |
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253 |
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(767) |
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61,067 |
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$ |
142,322 |
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|
$ |
— |
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$ |
581 |
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$ |
(1,391) |
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$ |
141,512 |
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December 31, 2025 |
|
Amortized
Cost |
|
Allowance
for Credit
Losses |
|
Gross
Unrealized
Gains |
|
Gross
Unrealized
Losses |
|
Fair
Value |
| Short-term investments: |
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| Corporate debt |
$ |
90,557 |
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|
$ |
— |
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$ |
28 |
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|
$ |
(21) |
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$ |
90,564 |
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$ |
90,557 |
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$ |
— |
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$ |
28 |
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$ |
(21) |
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$ |
90,564 |
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| Long-term investments: |
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| U.S. treasuries |
$ |
29,058 |
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$ |
— |
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$ |
218 |
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$ |
(17) |
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$ |
29,259 |
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| U.S. government sponsored entities |
2,490 |
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— |
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17 |
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(46) |
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2,461 |
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| Corporate debt |
54,093 |
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— |
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|
578 |
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(414) |
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54,257 |
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| ABS and other |
59,929 |
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— |
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452 |
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(657) |
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59,724 |
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$ |
145,570 |
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$ |
— |
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$ |
1,265 |
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$ |
(1,134) |
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$ |
145,701 |
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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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March 31, 2026 |
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Less than 12 months |
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12 months or greater |
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Total |
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Fair
Value |
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Gross
Unrealized
Losses |
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Fair
Value |
|
Gross
Unrealized
Losses |
|
Fair
Value(1)
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Gross
Unrealized
Losses |
| U.S. treasuries |
$ |
7,989 |
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$ |
(16) |
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$ |
771 |
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$ |
(21) |
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$ |
8,760 |
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$ |
(37) |
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| U.S. government sponsored entities |
1,327 |
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(4) |
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|
402 |
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(46) |
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1,729 |
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(50) |
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| Corporate debt |
67,190 |
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(100) |
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9,967 |
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(476) |
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77,157 |
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(576) |
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| ABS and other |
23,444 |
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(480) |
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3,842 |
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(287) |
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27,286 |
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(767) |
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$ |
99,950 |
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$ |
(600) |
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$ |
14,982 |
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$ |
(830) |
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$ |
114,932 |
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$ |
(1,430) |
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December 31, 2025 |
|
Less than 12 months |
|
12 months or greater |
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Total |
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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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$ |
(17) |
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$ |
780 |
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$ |
(17) |
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| U.S. government sponsored entities |
1,562 |
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(2) |
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|
413 |
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(44) |
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1,975 |
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(46) |
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| Corporate debt |
21,937 |
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(5) |
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12,266 |
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(430) |
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34,203 |
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(435) |
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| ABS and other |
8,237 |
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(387) |
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3,426 |
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(270) |
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11,663 |
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(657) |
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$ |
31,736 |
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$ |
(394) |
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$ |
16,885 |
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$ |
(761) |
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$ |
48,621 |
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$ |
(1,155) |
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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
March 31, |
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2026 |
|
2025 |
Gross realized gains (1)
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$ |
— |
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$ |
8 |
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Gross realized losses (1)
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$ |
— |
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$ |
— |
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(1)Recorded in other income, net in the condensed consolidated statements of operations. The cost basis of securities sold were determined based on the specific identification method.
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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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March 31, 2026 |
|
December 31, 2025 |
|
Amortized
Cost |
|
Fair Value |
|
Amortized
Cost |
|
Fair Value |
| Due in one year or less |
$ |
56,560 |
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$ |
56,527 |
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$ |
90,557 |
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$ |
90,564 |
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| Due after one year through five years |
82,259 |
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|
82,187 |
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85,624 |
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|
86,148 |
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| Due after five years through ten years |
15,705 |
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15,647 |
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|
16,055 |
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16,118 |
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| Due after ten years |
44,358 |
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43,678 |
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43,891 |
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43,435 |
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$ |
198,882 |
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$ |
198,039 |
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$ |
236,127 |
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$ |
236,265 |
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