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Investments

9 Months Ended

Sep. 30, 2025

Investments, Debt and Equity Securities [Abstract]

Investments

3.Investments.

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

		Estimated Fair Value				Gross Unrealized Gains				Gross Unrealized Losses				Amortized Cost
At September 30, 2025:
U.S. Treasuries - Cash equivalents		$	473,831			$	1			$	—			$	473,830
Total		$	473,831			$	1			$	—			$	473,830
At December 31, 2024:
U.S. Treasuries - Cash equivalents		$	329,457			$	84			$	—			$	329,373
Total		$	329,457			$	84			$	—			$	329,373

There were no realized gains or losses from available-for-sale securities during the three and nine months ended September 30, 2025 and 2024.

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

		September 30, 2025
Due in one year or less		$	473,831

		For the Three Months Ended September 30,								For the Nine Months Ended September 30,
		2025				2024				2025				2024
Equity securities:
Net gains (losses) recognized during the period on equity    securities		$	(2,089	)		$	1,759			$	(2,397	)		$	(1,647	)
Unrealized net gains (losses) recognized during the period on equity securities still held at the reporting date		$	(2,089	)		$	1,759			$	(2,397	)		$	(1,647	)

There were no purchases or sales of equity securities during the three and nine months ended September 30, 2025 and 2024.

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- Definition

The entire disclosure for investments in certain debt and equity securities.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 940
-SubTopic 320
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/940-320/tableOfContent

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-K (SK)
-Number 229
-Section 1403
-Paragraph b
-Publisher SEC

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/320/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-10

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6B
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6B

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 320
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/942-320/tableOfContent

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