XML 30 R16.htm IDEA: XBRL DOCUMENT v3.25.3
Fair Value
 9 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value

6. FAIR VALUE

The following table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring basis and indicates the fair value hierarchy and the valuation techniques that the Company utilized to determine such fair value:

 

 

 

September 30,

 

 

 

 

 

 

 

 

 

 

(In thousands)

 

2025

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents

 

$

186,317

 

 

$

186,317

 

 

$

—

 

 

$

—

 

U.S. government and agency debt securities

 

 

284,765

 

 

 

250,937

 

 

 

33,828

 

 

 

—

 

Corporate debt securities

 

 

237,624

 

 

 

—

 

 

 

237,124

 

 

 

500

 

Total

 

$

708,706

 

 

$

437,254

 

 

$

270,952

 

 

$

500

 

 

 

 

December 31,

 

 

 

 

 

 

 

 

 

 

 

 

2024

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents

 

$

8,388

 

 

$

8,388

 

 

$

—

 

 

$

—

 

U.S. government and agency debt securities

 

 

315,882

 

 

 

265,090

 

 

 

50,792

 

 

 

—

 

Corporate debt securities

 

 

217,643

 

 

 

—

 

 

 

217,643

 

 

 

—

 

Total

 

$

541,913

 

 

$

273,478

 

 

$

268,435

 

 

$

—

 

 

The Company transfers its financial assets and liabilities, measured at fair value on a recurring basis, between the fair value hierarchies at the end of each reporting period. There were no transfers of any securities between levels during the nine months ended September 30, 2025.

The following table is a rollforward of the fair value of the Company’s assets with fair values that were determined using Level 3 inputs at September 30, 2025:

 

(In thousands)

 

Fair Value

 

Balance, January 1, 2025

 

$

—

 

Purchase of a corporate debt security

 

 

500

 

Balance, September 30, 2025

 

$

500

 

 

The Company’s investments classified as Level 2 within the fair value hierarchy were initially valued at the transaction price and subsequently valued, at the end of each reporting period, utilizing market-observable data. The market-observable data included reportable trades, benchmark yields, credit spreads, broker/dealer quotes, bids, offers, current spot rates and other industry and economic events. The Company validated the prices developed using the market-observable data by obtaining market values from other pricing sources, analyzing pricing data in certain instances and confirming that the relevant markets are active.

The carrying amounts reflected in the accompanying condensed consolidated balance sheets for cash and cash equivalents, accounts receivable, contract assets, other current assets, accounts payable and accrued expenses, sales discounts, allowances and reserves approximate fair value due to their short-term nature.