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Investments (Tables)
 6 Months Ended
Jun. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
Summary of Available-for-Sale Investments by Security type

Available-for-sale investments by security type were as follows (in thousands):

 

 

Estimated
Fair Value

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Amortized
Cost

 

At June 30, 2025:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasuries - Cash equivalents

 

$

407,687

 

 

$

41

 

 

$

—

 

 

$

407,646

 

Total

 

$

407,687

 

 

$

41

 

 

$

—

 

 

$

407,646

 

At December 31, 2024:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasuries - Cash equivalents

 

$

329,457

 

 

$

84

 

 

$

—

 

 

$

329,373

 

Total

 

$

329,457

 

 

$

84

 

 

$

—

 

 

$

329,373

 
Estimated Fair Values of Available for Sale Securities

The estimated fair values of available-for-sale securities at June 30, 2025, by contractual maturity, are summarized as follows (in thousands):

 

 

June 30,
2025

 

Due in one year or less

 

$

407,687

 
Summary Of Net Gains And Losses On Equity Securities

 

For the Three Months Ended June 30,

 

 

For the Six Months Ended June 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Equity securities:

 

 

 

 

 

 

 

 

 

 

 

 

Net gains (losses) recognized during the period on equity
   securities

 

$

(2,952

)

 

$

(2,262

)

 

$

(308

)

 

$

(3,406

)

Unrealized net gains (losses) recognized during the period on equity securities still held at the reporting date

 

$

(2,952

)

 

$

(2,262

)

 

$

(308

)

 

$

(3,406

)