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Short-Term Investments | 3 Months Ended
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Mar. 31, 2026
Investments, All Other Investments [Abstract] |
Short-Term Investments | 4. Short-Term Investments Short-term investments consist of bank deposits and marketable securities. As of March 31, 2026 and December 31, 2025, bank deposits were $153.4 million and $147.5 million, respectively. Marketable securities consist of the following:
|  | March 31, 2026 |
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Estimated Fair Value |
|  | (in thousands) |
Certificates of deposit |  | $ | 1,765 |  |  | $ | — |  |  | $ | (5 | ) |  | $ | 1,760 |
Commercial paper |  |  | 19,233 |  |  |  | — |  |  |  | (24 | ) |  |  | 19,209 |
Corporate debt securities |  |  | 289,406 |  |  |  | 92 |  |  |  | (642 | ) |  |  | 288,856 |
Municipal securities |  |  | 36,200 |  |  |  | 11 |  |  |  | (73 | ) |  |  | 36,138 |
Government and agency debt |  |  | 181,161 |  |  |  | 39 |  |  |  | (273 | ) |  |  | 180,927 |
Total marketable securities |  | $ | 527,765 |  |  | $ | 142 |  |  | $ | (1,017 | ) |  | $ | 526,890 |
|  | December 31, 2025 |
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Estimated Fair Value |
|  | (in thousands) |
Certificates of deposit |  | $ | 1,503 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,503 |
Commercial paper |  |  | 11,764 |  |  |  | 2 |  |  |  | (3 | ) |  |  | 11,763 |
Corporate debt securities |  |  | 275,555 |  |  |  | 531 |  |  |  | (50 | ) |  |  | 276,036 |
Municipal securities |  |  | 29,460 |  |  |  | 43 |  |  |  | (10 | ) |  |  | 29,493 |
Government and agency debt |  |  | 162,162 |  |  |  | 174 |  |  |  | (35 | ) |  |  | 162,301 |
Total marketable securities |  | $ | 480,444 |  |  | $ | 750 |  |  | $ | (98 | ) |  | $ | 481,096 |
The following table summarizes the Company’s marketable securities by contractual maturities:
|  | March 31, 2026 |
|  | (in thousands) |
Due in 1 year or less |  | $ | 314,285 |
Due in 1 year through 2 years |  |  | 212,605 |
Total |  | $ | 526,890 |
The following tables present fair value and gross unrealized losses of the Company’s marketable securities that have been in a continuous loss position, aggregated by length of time:
|  | March 31, 2026 |
|  | Less Than 12 Months |  |  | 12 Months or Greater |  |  | Total |
|  | Fair Value |  |  | Gross Unrealized Losses |  |  | Fair Value |  |  | Gross Unrealized Losses |  |  | Fair Value |  |  | Gross Unrealized Losses |
|  | (in thousands) |
Certificates of deposit |  | $ | 1,760 |  |  | $ | (5 | ) |  | $ | — |  |  | $ | — |  |  | $ | 1,760 |  |  | $ | (5 | )
Commercial paper |  |  | 17,213 |  |  |  | (24 | ) |  |  | — |  |  |  | — |  |  |  | 17,213 |  |  |  | (24 | )
Corporate debt securities |  |  | 188,062 |  |  |  | (642 | ) |  |  | — |  |  |  | — |  |  |  | 188,062 |  |  |  | (642 | )
Municipal securities |  |  | 26,557 |  |  |  | (73 | ) |  |  | — |  |  |  | — |  |  |  | 26,557 |  |  |  | (73 | )
Government and agency debt |  |  | 134,073 |  |  |  | (273 | ) |  |  | — |  |  |  | — |  |  |  | 134,073 |  |  |  | (273 | )
Total |  | $ | 367,665 |  |  | $ | (1,017 | ) |  | $ | — |  |  | $ | — |  |  | $ | 367,665 |  |  | $ | (1,017 | )
|  | December 31, 2025 |
|  | Less Than 12 Months |  |  | 12 Months or Greater |  |  | Total |
|  | Fair Value |  |  | Gross Unrealized Losses |  |  | Fair Value |  |  | Gross Unrealized Losses |  |  | Fair Value |  |  | Gross Unrealized Losses |
|  | (in thousands) |
Commercial paper |  | $ | 9,786 |  |  | $ | (3 | ) |  | $ | — |  |  | $ | — |  |  | $ | 9,786 |  |  | $ | (3 | )
Corporate debt securities |  |  | 50,218 |  |  |  | (50 | ) |  |  | — |  |  |  | — |  |  |  | 50,218 |  |  |  | (50 | )
Municipal securities |  |  | 6,600 |  |  |  | (10 | ) |  |  | — |  |  |  | — |  |  |  | 6,600 |  |  |  | (10 | )
Government and agency debt |  |  | 55,141 |  |  |  | (35 | ) |  |  | — |  |  |  | — |  |  |  | 55,141 |  |  |  | (35 | )
Total |  | $ | 121,745 |  |  | $ | (98 | ) |  | $ | — |  |  | $ | — |  |  | $ | 121,745 |  |  | $ | (98 | )
As of March 31, 2026 and December 31, 2025, the unrealized losses related to marketable securities were determined to be not due to credit related losses. Therefore, the Company did no t recognize an allowance for credit losses. See Note 12, Accumulated Other Comprehensive Income (Loss), for the realized gains or losses from available-for-sale marketable securities that were reclassified out of accumulated other comprehensive income (“AOCI”) du ring the periods presented.

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- Definition The entire disclosure for investment. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/320/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Topic 321 -Publisher FASB -URI https://asc.fasb.org/321/tableOfContent Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Topic 325 -Publisher FASB -URI https://asc.fasb.org/325/tableOfContent + Details
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- References No definition available. + Details
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