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Investments | 9 Months Ended
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Sep. 30, 2025
Investments, Debt and Equity Securities [Abstract] |
Investments | 6. Investments The carrying value and amortized cost of the Company’s investments, summarized by major security type, consisted of the following (in thousands):
|  | September 30, 2025 |
|  | Amortized Cost |  |  | Unrealized Gains |  |  | Unrealized Losses |  |  | Estimated Fair Value |
U.S. Treasury notes |  | $ | 406,208 |  |  | $ | 1,024 |  |  | $ | (25 | ) |  | $ | 407,207 |
Government sponsored enterprise securities |  |  | 181,758 |  |  |  | 143 |  |  |  | (85 | ) |  |  | 181,816 |
|  | $ | 587,966 |  |  | $ | 1,167 |  |  | $ | (110 | ) |  | $ | 589,023 |
|  | 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 |
The Company has classified all of its available-for-sale investment securities as current assets on its unaudited condensed consolidated balance sheets based on the highly liquid nature of the investment securities and because these investment securities are considered available for use in current operations. The following table summarizes the contract maturity of the available-for-sale securities:
|  | September 30, 2025 |  |  | December 31, 2024 |
One year or less |  |  | 51 | % |  |  | 79 | %
After one year but within two years |  |  | 49 | % |  |  | 21 | %
Total |  |  | 100 | % |  |  | 100 | %
At each of September 30, 2025 and December 31, 2024, the Company had 17 available-for-sale investment securities in an 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 September 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 |  |
September 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury notes |  | $ | 46,874 |  |  | $ | (25 | ) |  | $ | — |  |  | $ | — |  |  | $ | 46,874 |  |  | $ | (25 | ) |
Government sponsored enterprise securities |  |  | 86,618 |  |  |  | (85 | ) |  |  | — |  |  |  | — |  |  |  | 86,618 |  |  |  | (85 | ) |
Total |  | $ | 133,492 |  |  | $ | (110 | ) |  | $ | — |  |  | $ | — |  |  | $ | 133,492 |  |  | $ | (110 | ) |
|  | 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 | ) |
At each reporting date, the Company performs an evaluation of impairment to determine if any unrealized losses are the result of credit losses. Impairment is assessed at the individual security level. Factors considered in determining whether a loss resulted from a credit loss or other factors include the Company’s intent and ability to hold the investment until the recovery of its amortized cost basis, the extent to which the fair value is less than the amortized cost basis, the length of time and extent to which fair value has been less than the cost basis, the financial condition of the issuer, any historical failure of the issuer to make scheduled interest or principal payments, any changes to the rating of the security by a rating agency, any adverse legal or regulatory events affecting the issuer or issuer’s industry, any significant deterioration in economic conditions. As of September 30, 2025, the Company did not intend to sell the investments in unrealized loss position and it was unlikely that the Company will be required to sell the investments before the recovery of their amortized cost basis. The Company has not historically experienced significant losses on its investments. Based on its evaluation, the Company determined its year-to-date credit losses related to its available-for-sale securities were immaterial at September 30, 2025.

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