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Cash, Cash Equivalents, and Investments (Tables) | 12 Months Ended
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Dec. 31, 2025
Cash and Cash Equivalents [Abstract] |
Components of Cash, Cash Equivalents and Investments | Cash, cash equivalents, and investments consisted of the following (in thousands):
| December 31,
| 2025 |  | 2024
Cash | $ | 199,755 |  |  | $ | 170,852 |
Money market instruments | 63,170 |  |  | 15,242 |
Cash and cash equivalents | 262,925 |  |  | 186,094 |
Corporate bonds | 66,625 |  |  | 55,742 |
Treasury notes | 7,412 |  |  | 2,487 |
Sovereign bonds | — |  |  | 990 |
Asset-backed securities | — |  |  | 737 |
Current investments | 74,037 |  |  | 59,956 |
Corporate bonds | 278,726 |  |  | 285,174 |
Treasury notes | 22,431 |  |  | 43,147 |
Asset-backed securities | 4,182 |  |  | 12,577 |
Non-current investments | 305,339 |  |  | 340,898 |
| $ | 642,301 |  |  | $ | 586,948 |
Summary of Available-for-Sale Investments | The following table summarizes the Company’s available-for-sale investments as of December 31, 2025 (in thousands):
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value |
Current: |  |  |  |  |  |  |  |
Corporate bonds | $ | 66,661 |  |  | $ | 125 |  |  | $ | (161) |  |  | $ | 66,625 |  |
Treasury notes | 7,389 |  |  | 23 |  |  | — |  |  | 7,412 |  |
Non-current: |  |  |  |  |  |  |  |
Corporate bonds | 275,781 |  |  | 3,024 |  |  | (79) |  |  | 278,726 |  |
Treasury notes | 22,287 |  |  | 144 |  |  | — |  |  | 22,431 |  |
Asset-backed securities | 4,471 |  |  | — |  |  | (289) |  |  | 4,182 |  |
| $ | 376,589 |  |  | $ | 3,316 |  |  | $ | (529) |  |  | $ | 379,376 |  |
The following table summarizes the Company’s available-for-sale investments as of December 31, 2024 (in thousands):
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value |
Current: |  |  |  |  |  |  |  |
Corporate bonds | $ | 56,472 |  |  | $ | 3 |  |  | $ | (733) |  |  | $ | 55,742 |  |
Treasury notes | 2,501 |  |  | — |  |  | (14) |  |  | 2,487 |  |
Sovereign bonds | 1,013 |  |  | — |  |  | (23) |  |  | 990 |  |
Asset-backed securities | 739 |  |  | — |  |  | (2) |  |  | 737 |  |
Non-current: |  |  |  |  |  |  |  |
Corporate bonds | 288,332 |  |  | 408 |  |  | (3,566) |  |  | 285,174 |  |
Treasury notes | 43,570 |  |  | 2 |  |  | (425) |  |  | 43,147 |  |
Asset-backed securities | 13,131 |  |  | — |  |  | (554) |  |  | 12,577 |  |
| $ | 405,758 |  |  | $ | 413 |  |  | $ | (5,317) |  |  | $ | 400,854 |  |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value | The following table summarizes the Company’s gross unrealized losses and fair values for available-for-sale investments in an unrealized loss position as of December 31, 2025 (in thousands):
| Unrealized Loss Position For Less than 12 Months |  | Unrealized Loss Position For Greater than 12 Months |  | Total
| Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
Corporate bonds | $ | 30,602 |  |  | $ | (73) |  |  | $ | 22,412 |  |  | $ | (167) |  |  | $ | 53,014 |  |  | $ | (240) |
Asset-backed securities | — |  |  | — |  |  | 4,182 |  |  | (289) |  |  | 4,182 |  |  | (289) |
| $ | 30,602 |  |  | $ | (73) |  |  | $ | 26,594 |  |  | $ | (456) |  |  | $ | 57,196 |  |  | $ | (529) |
The following table summarizes the Company’s gross unrealized losses and fair values for available-for-sale investments in an unrealized loss position as of December 31, 2024 (in thousands):
| Unrealized Loss Position For Less than 12 Months |  | Unrealized Loss Position For Greater than 12 Months |  | Total
| Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
Corporate bonds | $ | 172,049 |  |  | $ | (2,227) |  |  | $ | 87,815 |  |  | $ | (2,071) |  |  | $ | 259,864 |  |  | $ | (4,298) |
Treasury notes | 42,149 |  |  | (425) |  |  | 2,487 |  |  | (14) |  |  | 44,636 |  |  | (439) |
Asset-backed securities | 11,024 |  |  | (547) |  |  | 2,290 |  |  | (10) |  |  | 13,314 |  |  | (557) |
Sovereign bonds | — |  |  | — |  |  | 990 |  |  | (23) |  |  | 990 |  |  | (23) |
| $ | 225,222 |  |  | $ | (3,199) |  |  | $ | 93,582 |  |  | $ | (2,118) |  |  | $ | 318,804 |  |  | $ | (5,317) |
Realized Gain (Loss) on Investments | The following table summarizes the Company's gross realized gains and losses on the sale of debt securities (in thousands):
|  | Year Ended December 31,
|  | 2025 |  | 2024 |  | 2023
Gross realized gains |  | $ | 180 |  |  | $ | 8 |  |  | $ | 111 |
Gross realized losses |  | (24) |  |  | (16) |  |  | (2,065) |
Net realized gains (losses) |  | $ | 156 |  |  | $ | (8) |  |  | $ | (1,954) |
Effective Maturity Dates of Available-for-Sale Investments | The following table summarizes the effective maturity dates of the Company’s available-for-sale investments as of December 31, 2025 (in thousands):
| <1 year |  | 1-2 Years |  | 2-3 Years |  | 3-4 Years |  | 4-5 Years |  |  |  | Total
Corporate bonds | $ | 66,625 |  |  | $ | 77,129 |  |  | $ | 99,911 |  |  | $ | 68,109 |  |  | $ | 33,577 |  |  |  |  | $ | 345,351 |
Treasury notes | 7,412 |  |  | 15,421 |  |  | 7,010 |  |  | — |  |  | — |  |  |  |  | 29,843 |
Asset-backed securities | — |  |  | — |  |  | — |  |  | 1,624 |  |  | 2,558 |  |  |  |  | 4,182 |
| $ | 74,037 |  |  | $ | 92,550 |  |  | $ | 106,921 |  |  | $ | 69,733 |  |  | $ | 36,135 |  |  |  |  | $ | 379,376 |

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