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Investments (Tables)
 9 Months Ended
Sep. 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 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

 
Estimated Fair Values of Available for Sale Securities

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

 
Summary Of Net Gains And Losses On Equity Securities

 

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

)