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FAIR VALUE MEASUREMENTS
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS

4. FAIR VALUE MEASUREMENTS:

The following table provides the assets and liabilities carried at fair value measured on a recurring basis as of June 30, 2026 (in thousands):

 

 

 

 

 

 

Fair Value Measurements, Using

 

 

 

Total Carrying Value
as of June 30,
2026

 

 

Quoted Prices in
Active Markets
(Level 1)

 

 

Significant Other
Observable Inputs
(Level 2)

 

 

Significant Unobservable
Inputs
(Level 3)

 

Long-term U.S. Government bonds

 

$

383,229

 

 

$

383,229

 

 

$

—

 

 

$

—

 

Short-term U.S. Government bonds

 

 

345,019

 

 

 

345,019

 

 

 

—

 

 

 

—

 

Cash equivalents

 

 

44,134

 

 

 

44,134

 

 

 

—

 

 

 

—

 

Short-term marketable equity securities

 

 

1,256

 

 

 

1,256

 

 

 

—

 

 

 

—

 

Convertible notes

 

 

2,000

 

 

 

—

 

 

 

—

 

 

 

2,000

 

The following table provides the assets and liabilities carried at fair value measured on a recurring basis as of December 31, 2025 (in thousands):

 

 

 

 

 

 

Fair Value Measurements, Using

 

 

 

Total Carrying Value
as of December 31,
2025

 

 

Quoted Prices in
Active Markets
(Level 1)

 

 

Significant Other
Observable Inputs
(Level 2)

 

 

Significant Unobservable
Inputs
(Level 3)

 

Long-term U.S. Government bonds

 

$

352,987

 

 

$

352,987

 

 

$

—

 

 

$

—

 

Short-term U.S. Government bonds

 

 

455,398

 

 

 

455,398

 

 

 

—

 

 

 

—

 

Cash equivalents

 

 

27,461

 

 

 

27,461

 

 

 

—

 

 

 

—

 

Short-term marketable equity securities

 

 

8,606

 

 

 

8,606

 

 

 

—

 

 

 

—

 

Convertible notes

 

 

2,000

 

 

 

—

 

 

 

—

 

 

 

2,000

 

Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument. Level 3 inputs are unobservable inputs based on management’s own assumptions used to measure assets and liabilities at fair value. A financial asset’s or liability’s classification is determined based on the lowest level input that is significant to the fair value measurement. During the three months ended June 30, 2026, the Company reclassified a $4.5 million short-term marketable equity security from a Level 1 fair value measurement to a non-recurring Level 3 fair value measurement within the fair value hierarchy. The related fair value was adjusted based on observable pricing information identified during the period, together with other facts and circumstances considered by management.

Changes in fair value of the debt investments are recorded as unrealized gains and losses in accumulated other comprehensive (loss) income on the Consolidated Balance Sheets and any credit losses on debt investments are recorded as an allowance for credit losses with an offset recognized in other (loss) income, net on the Consolidated Statements of Income. There were no credit losses on debt investments as of June 30, 2026 and December 31, 2025.