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Investment Securities | 12 Months Ended
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Dec. 31, 2025
Investments, Debt and Equity Securities [Abstract] |
Investment Securities | Investment Securities The Company reports its available-for-sale investment securities at their estimated fair values. The following is a summary of the available-for-sale investment securities held by the Company as of December 31, 2025 and 2024:
| As of December 31, 2025 |  | As of December 31, 2024
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Market Value |  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Market Value
Available-for-sale investment securities:
Corporate debt securities | $ | 510,668 |  |  | $ | 1,215 |  |  | $ | (11) |  |  | $ | 511,872 |  |  | $ | 487,613 |  |  | $ | 818 |  |  | $ | (182) |  |  | $ | 488,249 |
Agency obligations | 43,997 |  |  | 1 |  |  | (29) |  |  | 43,969 |  |  | 57,986 |  |  | 2 |  |  | (57) |  |  | 57,931 |
U.S. government obligations | 369,652 |  |  | 860 |  |  | — |  |  | 370,512 |  |  | 542,962 |  |  | 417 |  |  | (35) |  |  | 543,344 |
Total | $ | 924,317 |  |  | $ | 2,076 |  |  | $ | (40) |  |  | $ | 926,353 |  |  | $ | 1,088,561 |  |  | $ | 1,237 |  |  | $ | (274) |  |  | $ | 1,089,524 |
As of December 31, 2025 and 2024, available-for-sale investment securities by contractual maturity were as follows:
| As of December 31, 2025 |  | As of December 31, 2024
| Amortized Cost |  | Fair Market Value |  | Amortized Cost |  | Fair Market Value
Available-for-sale investment securities: |  |  |  |  |  |  |
Due in one year or less | $ | 712,675 |  |  | $ | 714,118 |  |  | $ | 621,499 |  |  | $ | 622,161 |
Due after one year through five years | 211,642 |  |  | 212,235 |  |  | 467,062 |  |  | 467,363 |
Total | $ | 924,317 |  |  | $ | 926,353 |  |  | $ | 1,088,561 |  |  | $ | 1,089,524 |
The following is a summary of the available-for-sale investment securities by length of time in a net loss position as of December 31, 2025 and 2024:
| As of December 31, 2025 |  | As of December 31, 2024
| Less Than 12 Months |  | Less Than 12 Months
| Fair Market Value |  | Gross Unrealized Losses |  | Fair Market Value |  | Gross Unrealized Losses
Available-for-sale investment securities:
Corporate debt securities | $ | 38,596 |  |  | $ | (11) |  |  | $ | 165,032 |  |  | $ | (182) |
Agency obligations | 27,471 |  |  | (29) |  |  | 47,936 |  |  | (57) |
U.S. government obligations | — |  |  | — |  |  | 19,953 |  |  | (35) |
Total | $ | 66,067 |  |  | $ | (40) |  |  | $ | 232,921 |  |  | $ | (274) |
As of December 31, 2025 and 2024, all available-for-sale investment securities in a continuous unrealized loss position had been in a loss position for less than 12 months. The Company reviewed its investment holdings as of December 31, 2025 and 2024 and determined that the decrease in fair value is attributable to changes in interest rates and not credit quality, and as the Company does not intend to sell the investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost basis, which may be maturity. Therefore, there were no allowances for credit losses as of December 31, 2025 and 2024. During the years ended December 31, 2025, 2024, and 2023, the realized net gains (losses) recognized in the accompanying statements of operations and comprehensive loss were not significant. Accrued interest receivable on available-for-sale securities was $7.8 million and $8.3 million at December 31, 2025 and 2024, respectively. The Company did not write off any accrued interest receivable in any of the periods presented in the consolidated financial statements.

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