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Financial Instruments (Tables) | 9 Months Ended
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Sep. 30, 2025
Fair Value Disclosures [Abstract] |
Summary of Investments | Investments consist of the following as of September 30, 2025 and December 31, 2024 (dollars in thousands):
|  | September 30, 2025 |
|  |  |  |  | Gross Unrealized |  |  |  |
|  | Cost |  |  | Gain |  |  | (Loss) |  |  | Fair Value |
Short-term investments (available-for-sale): |  |  |  |  |  |  |  |  |  |  |  |
Non-governmental debt securities |  | $ | 297,963 |  |  | $ | 1,071 |  |  | $ | (59 | ) |  | $ | 298,975 |
Treasury and federal agencies |  |  | 188,485 |  |  |  | 444 |  |  |  | (61 | ) |  |  | 188,868 |
Total short-term investments (available-for-sale) |  | $ | 486,448 |  |  | $ | 1,515 |  |  | $ | (120 | ) |  | $ | 487,843 |
|  | December 31, 2024 |
|  |  |  |  | Gross Unrealized |  |  |  |
|  | Cost |  |  | Gain |  |  | (Loss) |  |  | Fair Value |
Short-term investments (available-for-sale): |  |  |  |  |  |  |  |  |  |  |  |
Non-governmental debt securities |  | $ | 246,070 |  |  | $ | 466 |  |  | $ | (278 | ) |  | $ | 246,258 |
Treasury and federal agencies |  |  | 213,394 |  |  |  | 258 |  |  |  | (115 | ) |  |  | 213,537 |
Total short-term investments (available-for-sale) |  | $ | 459,464 |  |  | $ | 724 |  |  | $ | (393 | ) |  | $ | 459,795 |
Summary of Financial Instruments Measured at Fair Value on Recurring Basis | Financial instruments measured at fair value on a recurring basis subject to the disclosure requirements of FASB ASC Topic 820 - Fair Value Measurements at September 30, 2025 and December 31, 2024 were as follows (dollars in thousands):
|  | As of September 30, 2025 |
|  | Level 1 |  |  | Level 2 |  |  | Total |
Cash and cash equivalents - money market funds |  | $ | 30,178 |  |  | $ | - |  |  | $ | 30,178 |
Cash and cash equivalents - federal agency debt securities |  |  | - |  |  |  | 7,951 |  |  |  | 7,951 |
Short-term investments - non-governmental debt securities |  |  | - |  |  |  | 298,975 |  |  |  | 298,975 |
Short-term investments - treasury and federal agencies |  |  | - |  |  |  | 188,868 |  |  |  | 188,868 |
Totals |  | $ | 30,178 |  |  | $ | 495,794 |  |  | $ | 525,972 |
|  | As of December 31, 2024 |
|  | Level 1 |  |  | Level 2 |  |  | Total |
Cash and cash equivalents - money market funds |  | $ | 30,189 |  |  | $ | - |  |  | $ | 30,189 |
Cash and cash equivalents - federal agency debt securities |  |  | - |  |  |  | 13,078 |  |  |  | 13,078 |
Short-term investments - non-governmental debt securities |  |  | - |  |  |  | 246,258 |  |  |  | 246,258 |
Short-term investments - treasury and federal agencies |  |  | - |  |  |  | 213,537 |  |  |  | 213,537 |
Totals |  | $ | 30,189 |  |  | $ | 472,873 |  |  | $ | 503,062 |
Schedule of Maintenance Fee Payment to our equity affiliate | We make periodic operating maintenance payments to an equity affiliate. The total fees recorded during the quarters and years to date ended September 30, 2025 and 2024 were as follows (dollars in thousands):
| Maintenance Fee Payments |
For the quarter ended September 30, 2025 | $ | 471 |
For the quarter ended September 30, 2024 | $ | 429 |
For the year to date ended September 30, 2025 | $ | 1,351 |
For the year to date ended September 30, 2024 | $ | 1,296 |

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- Definition Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-9 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-3 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-2 Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-2 Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-2 Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (aa) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-2 Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (aaa) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-2 Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-2 Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-3 Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-3 Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-3 Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-3 + Details
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- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of related party transactions. Examples of related party transactions include, but are not limited to, transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners and (d) affiliates. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 850 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483326/850-10-50-1 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 850 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483326/850-10-50-1 + Details
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