XML 23 R14.htm IDEA: XBRL DOCUMENT v3.26.1
Short-Term Investments
 3 Months Ended
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 not 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”) during the periods presented.