Investments

6 Months Ended

Jun. 30, 2025

Investments, Debt and Equity Securities [Abstract]

5. INVESTMENTS

Investments consist of the following (in thousands):


			Gross Unrealized
					Losses
	Amortized				Less than			Greater than			Estimated
June 30, 2025	Cost		Gains		One Year			One Year			Fair Value
Short-term investments:
Available-for-sale securities:
U.S. government and agency debt securities	$	266,091	$	892	$	(5	)	$	(12	)	$	266,966
Corporate debt securities		226,554		1,027		(4	)		(3	)		227,574
Total short-term investments		492,645		1,919		(9	)		(15	)		494,540
Long-term investments:
Available-for-sale securities:
U.S. government and agency debt securities		29,580		—		—			(55	)		29,525
Corporate debt securities		8,627		—		—			(28	)		8,599
		38,207		—		—			(83	)		38,124
Held-to-maturity securities:
Certificates of deposit		145		—		—			—			145
Total long-term investments		38,352		—		—			(83	)		38,269
Total investments	$	530,997	$	1,919	$	(9	)	$	(98	)	$	532,809

December 31, 2024
Short-term investments:
Available-for-sale securities:
U.S. government and agency debt securities	$	266,506	$	763	$	(58	)	$	(6	)	$	267,205
Corporate debt securities		192,617		762		(58	)		(4	)		193,317
Total short-term investments		459,123		1,525		(116	)		(10	)		460,522
Long-term investments:
Available-for-sale securities:
U.S. government and agency debt securities		48,856		—		—			(179	)		48,677
Corporate debt securities		24,484		—		—			(158	)		24,326
		73,340		—		—			(337	)		73,003
Held-to-maturity securities:
Certificates of deposit		145		—		—			—			145
Total long-term investments		73,485		—		—			(337	)		73,148
Total investments	$	532,608	$	1,525	$	(116	)	$	(347	)	$	533,670

At June 30, 2025, the Company’s investments in corporate debt securities had a minimum rating of A2 (Moody’s)/A (Standard and Poor’s), and 52 of the Company’s 330 investment securities were in an unrealized loss position with an aggregate estimated fair value of $99.3 million. The primary reason these securities were in an unrealized loss position is that they are fixed-rate securities that were acquired in a rising interest rate environment. In making the determination whether the decline in fair value of these securities was temporary, the Company evaluated whether it intended to sell the security and whether it was more likely than not that the Company would be required to sell the security before recovering its amortized cost basis. The Company has the intent and ability to hold these investments until recovery, which may be at maturity.

Realized gains and losses on the sales and maturities of investments, which were identified using the specific identification method, were as follows:


	Six Months Ended June 30,
(In thousands)	2025		2024
Proceeds from the sales and maturities of investments	$	195,078	$	138,947
Realized gains	$	3	$	—
Realized losses	$	—	$	—

The Company’s available-for-sale and held-to-maturity securities at June 30, 2025 had contractual maturities in the following periods:


	Available-for-sale				Held-to-maturity
	Amortized		Estimated		Amortized		Estimated
(In thousands)	Cost		Fair Value		Cost		Fair Value
Within 1 year	$	283,975	$	284,485	$	145	$	145
After 1 year through 5 years		246,877		248,179		—		—
Total	$	530,852	$	532,664	$	145	$	145

In February 2025, the Company entered into an agreement whereby it is committed to provide up to €10.0 million to a partnership, Fountain Healthcare Partners Fund IV, L.P. (“Fountain”), which was created to carry on the business of investing exclusively in companies and businesses engaged in the healthcare, pharmaceutical and life sciences sectors. The Company’s commitment represents approximately 9.2% of the partnership’s total funding, and the Company is accounting for its investment in Fountain under the equity method. As of June 30, 2025, the Company had made payments of, and its investment is equal to, $0.6 million (€0.5 million), which is included within “Other assets” in the accompanying condensed consolidated balance sheets.