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Investments (Tables)
 6 Months Ended
Jun. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
Carrying Value and Amortized Cost of Company Investments Summarized by Major Security Type

The carrying value and amortized cost of the Company’s investments, summarized by major security type, consisted of the following (in thousands):

 

 

 

June 30, 2025

 

 

 

Amortized
Cost

 

 

Unrealized
Gains

 

 

Unrealized
Losses

 

 

Estimated
Fair
Value

 

U.S. Treasury notes

 

$

364,223

 

 

$

552

 

 

$

(23

)

 

$

364,752

 

Government sponsored enterprise securities

 

 

143,674

 

 

 

27

 

 

 

(94

)

 

 

143,607

 

 

 

$

507,897

 

 

$

579

 

 

$

(117

)

 

$

508,359

 

 

 

 

December 31, 2024

 

 

 

Amortized
Cost

 

 

Unrealized
Gains

 

 

Unrealized
Losses

 

 

Estimated
Fair
Value

 

U.S. Treasury notes

 

$

245,584

 

 

$

319

 

 

$

—

 

 

$

245,903

 

Government sponsored enterprise securities

 

 

190,452

 

 

 

157

 

 

 

(108

)

 

 

190,501

 

 

 

$

436,036

 

 

$

476

 

 

$

(108

)

 

$

436,404

 
Summary of Gross Unrealized Losses and Fair Value of Available-For-Sale Investment Securities in Unrealized Loss Position The following table presents gross unrealized losses and fair value for those available-for-sale investment securities that were in an unrealized loss position as of June 30, 2025 and December 31, 2024, aggregated by investment category and length of time that the individual securities have been in a continuous loss position (in thousands):

 

 

 

Less Than 12 Months

 

 

12 Months or Greater

 

 

Total

 

 

 

 

Estimated
Fair Value

 

 

Unrealized
Losses

 

 

Estimated
Fair Value

 

 

Unrealized
Losses

 

 

Estimated
Fair Value

 

 

Unrealized
Losses

 

 

June 30, 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury notes

 

$

92,658

 

 

$

(23

)

 

$

—

 

 

$

—

 

 

$

92,658

 

 

$

(23

)

 

Government sponsored enterprise securities

 

$

110,711

 

 

$

(94

)

 

$

—

 

 

$

—

 

 

$

110,711

 

 

$

(94

)

 

Total

 

$

203,369

 

 

$

(117

)

 

$

—

 

 

$

—

 

 

$

203,369

 

 

$

(117

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less Than 12 Months

 

 

12 Months or Greater

 

 

Total

 

 

 

 

Estimated
Fair Value

 

 

Unrealized
Losses

 

 

Estimated
Fair Value

 

 

Unrealized
Losses

 

 

Estimated
Fair Value

 

 

Unrealized
Losses

 

 

December 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Government sponsored enterprise securities

 

$

84,390

 

 

$

(108

)

 

$

—

 

 

$

—

 

 

$

84,390

 

 

$

(108

)

 

Total

 

$

84,390

 

 

$

(108

)

 

$

—

 

 

$

—

 

 

$

84,390

 

 

$

(108

)

 

 
Summary of Contract Maturity of The Available-For-Sale Securities The following table summarizes the contract maturity of the available-for-sale securities:

 

 

June 30,
2025

 

 

December 31,
2024

 

One year or less

 

 

57

%

 

 

79

%

After one year but within two years

 

 

43

%

 

 

21

%

Total

 

 

100

%

 

 

100

%