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Investments (Tables)
6 Months Ended
Jun. 30, 2026
Investments, Debt and Equity Securities [Abstract]  
Schedule of 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

 

Schedule of Proceeds from Sales and Maturities of Marketable Securities Plus Resulting Realized Gains and Losses

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

 

 

$

 

 

Schedule of Contractual Maturities of Available-for-Sale and Held-to-Maturity Securities

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