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Investments | 6 Months Ended
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Jun. 30, 2026
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 |
June 30, 2026 |  | Cost |  |  | Gains |  |  | One Year |  |  | One Year |  |  | Fair Value |
Short-term investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government and agency debt securities |  | $ | 65,945 |  |  | $ | 31 |  |  | $ | (66 | ) |  | $ | — |  |  | $ | 65,910 |
Corporate debt securities |  |  | 79,157 |  |  |  | 57 |  |  |  | (76 | ) |  |  | — |  |  |  | 79,138 |
Total short-term investments |  |  | 145,102 |  |  |  | 88 |  |  |  | (142 | ) |  |  | — |  |  |  | 145,048 |
Long-term investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government and agency debt securities |  |  | 14,711 |  |  |  | — |  |  |  | (78 | ) |  |  | — |  |  |  | 14,633 |
Corporate debt securities |  |  | 20,345 |  |  |  | — |  |  |  | (69 | ) |  |  | — |  |  |  | 20,276 |
|  |  | 35,056 |  |  |  | — |  |  |  | (147 | ) |  |  | — |  |  |  | 34,909 |
Held-to-maturity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Certificates of deposit |  |  | 145 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 145 |
Total long-term investments |  |  | 35,201 |  |  |  | — |  |  |  | (147 | ) |  |  | — |  |  |  | 35,054 |
Total investments |  | $ | 180,303 |  |  | $ | 88 |  |  | $ | (289 | ) |  | $ | — |  |  | $ | 180,102 |
December 31, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Short-term investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government and agency debt securities |  | $ | 101,033 |  |  | $ | 338 |  |  | $ | — |  |  | $ | — |  |  | $ | 101,371 |
Corporate debt securities |  |  | 97,740 |  |  |  | 534 |  |  |  | — |  |  |  | — |  |  |  | 98,274 |
Total short-term investments |  |  | 198,773 |  |  |  | 872 |  |  |  | — |  |  |  | — |  |  |  | 199,645 |
Long-term investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Held-to-maturity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Certificates of deposit |  |  | 145 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 145 |
Total long-term investments |  |  | 145 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 145 |
Total investments |  | $ | 198,918 |  |  | $ | 872 |  |  | $ | — |  |  | $ | — |  |  | $ | 199,790 |
At June 30, 2026, the Company’s investments in corporate debt securities had a minimum rating of A3 (Moody’s)/A (Standard and Poor’s), and 64 of the Company’s 115 investment securities were in an unrealized loss position with an aggregate estimated fair value of $112.2 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. During the three months ended June 30, 2026, the Company realized a $0.5 million credit loss related to one of its corporate debt securities. Such loss was recorded within “Other (expense) income, net” in the accompanying condensed consolidated statements of operations and comprehensive (loss) income. 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) |  | 2026 |  |  | 2025 |
Proceeds from the sales and maturities of investments |  | $ | 62,693 |  |  | $ | 195,078 |
Realized gains |  | $ | 1 |  |  | $ | 3 |
Realized losses |  | $ | 500 |  |  | $ | — |
The Company’s available-for-sale and held-to-maturity securities at June 30, 2026 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 |  | $ | 133,864 |  |  | $ | 133,796 |  |  | $ | 145 |  |  | $ | 145 |
After 1 year through 5 years |  |  | 46,294 |  |  |  | 46,161 |  |  |  | — |  |  |  | — |
Total |  | $ | 180,158 |  |  | $ | 179,957 |  |  | $ | 145 |  |  | $ | 145 |

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