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Investments | 9 Months Ended
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Sep. 30, 2025
Investments, Debt and Equity Securities [Abstract] |
Investments | 5. INVESTMENTS Investments consist of the following (in thousands):
|  |  |  |  | Gross Unrealized |  |  |  |
|  |  |  |  |  |  |  | Losses |  |  |  |
|  | Amortized |  |  |  |  |  | Less than |  |  | Greater than |  |  | Estimated |
September 30, 2025 |  | Cost |  |  | Gains |  |  | One Year |  |  | One Year |  |  | Fair Value |
Short-term investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government and agency debt securities |  | $ | 273,690 |  |  | $ | 1,032 |  |  | $ | (3 | ) |  | $ | (6 | ) |  | $ | 274,713 |
Corporate debt securities |  |  | 218,685 |  |  |  | 1,268 |  |  |  | — |  |  |  | (1 | ) |  |  | 219,952 |
Total short-term investments |  |  | 492,375 |  |  |  | 2,300 |  |  |  | (3 | ) |  |  | (7 | ) |  |  | 494,665 |
Long-term investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government and agency debt securities |  |  | 10,062 |  |  |  | — |  |  |  | (4 | ) |  |  | (6 | ) |  |  | 10,052 |
Corporate debt securities |  |  | 17,690 |  |  |  | — |  |  |  | (5 | ) |  |  | (13 | ) |  |  | 17,672 |
|  |  | 27,752 |  |  |  | — |  |  |  | (9 | ) |  |  | (19 | ) |  |  | 27,724 |
Held-to-maturity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Certificates of deposit |  |  | 145 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 145 |
Total long-term investments |  |  | 27,897 |  |  |  | — |  |  |  | (9 | ) |  |  | (19 | ) |  |  | 27,869 |
Total investments |  | $ | 520,272 |  |  | $ | 2,300 |  |  | $ | (12 | ) |  | $ | (26 | ) |  | $ | 522,534 |
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 September 30, 2025, the Company’s investments in corporate debt securities had a minimum rating of A2 (Moody’s)/A (Standard and Poor’s), and 26 of the Company’s 322 investment securities were in an unrealized loss position with an aggregate estimated fair value of $45.0 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:
|  | Nine Months Ended September 30, |
(In thousands) |  | 2025 |  |  | 2024 |
Proceeds from the sales and maturities of investments |  | $ | 320,383 |  |  | $ | 224,786 |
Realized gains |  | $ | 4 |  |  | $ | — |
Realized losses |  | $ | — |  |  | $ | — |
The Company’s available-for-sale and held-to-maturity securities at September 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 |  | $ | 247,712 |  |  | $ | 248,291 |  |  | $ | 145 |  |  | $ | 145 |
After 1 year through 5 years |  |  | 272,415 |  |  |  | 274,098 |  |  |  | — |  |  |  | — |
Total |  | $ | 520,127 |  |  | $ | 522,389 |  |  | $ | 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. During each of the three and nine months ended September 30, 2025, the Company recorded a decrease in its investment in Fountain of approximately $0.1 million. The changes recorded represent the Company’s proportional share of Fountain’s net losses for these periods. As of September 30, 2025, the Company had made payments of, and its investment is equal to, $0.5 million (€0.4 million), which is included within “Other assets” in the accompanying condensed consolidated balance sheets.

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