Investments

6 Months Ended

Jun. 30, 2026

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, 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