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Cash, Cash Equivalents, and Investments (Tables)
12 Months Ended
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,
20252024
Cash$199,755 $170,852 
Money market instruments63,170 15,242 
Cash and cash equivalents262,925 186,094 
Corporate bonds66,625 55,742 
Treasury notes7,412 2,487 
Sovereign bonds 990 
Asset-backed securities 737 
Current investments74,037 59,956 
Corporate bonds278,726 285,174 
Treasury notes22,431 43,147 
Asset-backed securities4,182 12,577 
Non-current investments305,339 340,898 
$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 notes7,389 23 — 7,412 
Non-current:
Corporate bonds275,781 3,024 (79)278,726 
Treasury notes22,287 144 — 22,431 
Asset-backed securities4,471 — (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 $$(733)$55,742 
Treasury notes2,501 — (14)2,487 
Sovereign bonds1,013 — (23)990 
Asset-backed securities739 — (2)737 
Non-current:
Corporate bonds288,332 408 (3,566)285,174 
Treasury notes43,570 (425)43,147 
Asset-backed securities13,131 — (554)12,577 
$405,758 $413 $(5,317)$400,854 
Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value
The following table summarizes the Company’s gross unrealized losses and fair values for available-for-sale investments in an unrealized loss position as of December 31, 2025 (in thousands):
Unrealized Loss
Position For Less than
12 Months
Unrealized Loss
Position For Greater than
12 Months
Total
Fair ValueUnrealized
Losses
Fair ValueUnrealized
Losses
Fair ValueUnrealized
Losses
Corporate bonds$30,602 $(73)$22,412 $(167)$53,014 $(240)
Asset-backed securities— — 4,182 (289)4,182 (289)
$30,602 $(73)$26,594 $(456)$57,196 $(529)
The following table summarizes the Company’s gross unrealized losses and fair values for available-for-sale investments in an unrealized loss position as of December 31, 2024 (in thousands):
Unrealized Loss
Position For Less than
12 Months
Unrealized Loss
Position For Greater than
12 Months
Total
Fair ValueUnrealized
Losses
Fair ValueUnrealized
Losses
Fair ValueUnrealized
Losses
Corporate bonds$172,049 $(2,227)$87,815 $(2,071)$259,864 $(4,298)
Treasury notes42,149 (425)2,487 (14)44,636 (439)
Asset-backed securities11,024 (547)2,290 (10)13,314 (557)
Sovereign bonds— — 990 (23)990 (23)
$225,222 $(3,199)$93,582 $(2,118)$318,804 $(5,317)
Realized Gain (Loss) on Investments
The following table summarizes the Company's gross realized gains and losses on the sale of debt securities (in thousands):
Year Ended December 31,
202520242023
Gross realized gains$180 $$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 year1-2 Years2-3 Years3-4 Years4-5 YearsTotal
Corporate bonds$66,625 $77,129 $99,911 $68,109 $33,577 $345,351 
Treasury notes7,412 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